The deal follows a 12-month ownership of the UK bar and casual dining business by Calveton UK and Breal Capital and sees holding company Liberty Bar and Restaurant Group transfer to Sugarloaf TGIF Management LLC.
TGI Fridays UK was bought in October 2024 by Breal Capital and Calveton as part of a rescue deal in which 51 restaurants were saved, but 36 closed.
It followed a challenging trading for the brand in the UK, and the abandonment of reverse takeover bid of its US parent company, part of a plan to transition to an asset-light franchise model.
In July that brand announced that it was entering a ‘new era’ with a new menu launched across its estate today to coincide with its 60th anniversary and US Independence Day. It was described as ‘a pivotal moment in TGI Fridays’ evolution under a leaner, more agile business model’.
“After a prolonged period of due diligence we are pleased to announce the sale of TGI Friday’s UK to Sugarloaf, the manager and custodian of the worldwide brand,” says a spokesperson for Breal Capital and Calveton UK.
“During 12 months of our tenure, we have stabilised the team and supply chains, as well as completing the first phase of repositioning the brand through a national relaunch on July 4th this year, which has seen improvements in both revenues and covers growth versus run rate.
“We hand the reins over with positive like-for-like sales growth and festive trading currently a healthy 25% up on bookings versus this time last year. We would like to thank the UK management team and staff for their hard work and efforts over the last 12 months.”