Wed Sep 18 00:24:00 UTC 2024: ## TGI Fridays UK Owner Collapses, Leaving Future Uncertain

**LONDON -** Hostmore, the holding company behind the UK’s TGI Fridays chain, has fallen into administration, marking the end of an era for the popular US-themed restaurant group. The company, which operates around 90 locations through its subsidiary Thursdays, cited a “highly challenging trading and macroeconomic backdrop” and the failure of its bid to acquire the US TGI Fridays brand as the primary reasons for its downfall.

The news comes just days after Hostmore abandoned its US acquisition and announced that its efforts to find a buyer for its UK stores were unlikely to yield any significant returns. Shares in the company plummeted as it announced the winding up of its listed non-trading holding company and its upcoming de-listing from the stock market. The sale of its UK outlets is expected to be completed by the end of September.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted the decline in the popularity of the chain, once a symbol of American cuisine and culture in the UK. “Almost 40 years on, plenty of other rivals have stolen a march on its menu, the once unique décor seems dated and Asian fusion food seems to be a bigger draw for younger diners,” she said.

Despite a focus on cost reduction and improved guest scores, TGI Fridays UK struggled to stay afloat in a competitive market. While the brand’s recognition and loyal customer base suggest it won’t disappear completely, a new owner is expected to significantly reduce the number of outlets, likely focusing on more successful locations like those in London’s Leicester Square.

The appointment of administrators will not affect the daily operations of the restaurants, which will continue to operate as normal under the Thursdays brand.

Hostmore’s statement expressed pride in its employees, noting their efforts to execute a turnaround program over the past 18 months. However, it acknowledged that the challenging market conditions and failed US acquisition ultimately led to the company’s downfall.

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