Future two TGI Fridays restaurants in Milton Keynes uncertain as owner announces plans to sell
The owners of TGI Fridays, which has two restaurants in Milton Keynes, is set to sell all of its UK locations and transition to a fully franchise-operated model.
Hostmore had planned to acquire the US restaurant chain for £177 million, but after news earlier this month that the move had fallen through, shares in the hospitality company plummeted by 90%.
The sale of all the UK TGI Fridays locations is set to affect 87 outlets, including its restaurants at the Centre:mk and next to Milton Keynes Stadium.
The longer-term future for all TGI Fridays restaurants in the UK remains unclear, with the possibility of some being saved or taken over by other chains.
Hostmore believes it is unlikely to recover ‘any meaningful value’ from the sale, which is likely to fall short of covering its debts to creditors and banks.
The hospitality company is expected to be wound up and delisted from the London Stock Exchange before the end of the month.