TGI Fridays owner Hostmore said it had appointed joint administrators of Teneo
The British operator of TGI Fridays has been declared bankrupt as the company races to sell its 87 restaurants in the country.
Hostmore said it had appointed administrators for Teneo and hopes to sell the UK restaurants to new owners by the end of this month.
This would keep the TGI Fridays brand on the UK high street and safeguard the jobs of around 4,500 UK staff.
But the company said this month it did not expect to get “any meaningful value” from the sale, meaning it would raise less than it owed to creditors and banks.
It is still unclear whether a buyer can be found for the entire chain, or whether only some of the stores can be sold.
The American-inspired restaurants will remain open as usual while the administrative process gets underway.
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