Sugarloaf has brought in financial advisory firm Interpath to explore strategic options for the UK business, according to Sky News. It has been hired to canvas appetite for a potential sale of the 49-strong group and has begun contacting investors in the last few days about a possible deal.
Sugarloaf bought TGI Fridays UK from Calveton UK and Breal Capital in November.
The group currently operates almost 50 restaurants in the UK.
In a statement, Phil Broad, president of TGI Fridays International, says TGI Fridays UK directors are exploring all available options to secure the long-term future of the business.
“The directors of TGI Fridays UK can confirm they are working closely with independent advisors to explore all available options for securing the long-term future of TGI Fridays in the UK,” he says.
“Since assuming control last month, our priority has been to protect jobs, support our employees, and continue to deliver the welcoming, celebratory experience guests expect from TGI Fridays.
“These discussions are progressing constructively, and we will provide further updates when appropriate.”
Earlier this month Sugarloaf strengthened TGI Fridays UK management team by bringing back two former executives. Giles Fry and Jonathan Grenville Grey have returned to the business as chief operating officer and operations director respectively.