TGI Fridays' massive comeback

TGI Fridays is preparing for a brand relaunch and repositioning after being acquired out of administration by Breal Capital and Calveton last year.

Simon Wilkinson, board director and operating partner for TGI Fridays and the Evolv Collection (formerly D&D London), both owned by Breal and Calveton, wrote on LinkedIn that under the leadership of CEO Julie McEwan, the TGI team is 'working their socks off to reverse the decline of the group and reposition the brand'.

Describing it as 'the comeback of all comebacks,' the relaunch will be unveiled on 4 July, which coincides with Independence Day in the US.

He said: ''TGI Fridays has had a tough time over the last few years.

''We acquired the business in October and rescued it from administration. Such processes are strict, when people should be praising the investors for putting their money into rescuing a much-loved brand, the opposite happens, and you get criticised for not saving specific locations and having to make redundancies. The good guys become the bad guys, but that's the reality, and having a thick skin helps. The team has had to endure a lot of flak, negativity and energy-sapping noise.

''Now turning around a brand that has lost its way over circa seven years is a tough ask in any market. In the current market, it's a heavy lift and requires tremendous work by everyone connected with the brand. There are no guarantees, and boldness, bravery, hard work, and commitment may not be enough.

''However, we as a collective will try our hardest."

TGI Fridays' UK franchise was bought by Breal and Calveton in October last year in a deal that saved 51 of the American bar and restaurant brand's sites. A further 36 restaurants closed.

Two more sites have subsequently closed, including the group's flagship.

Leicester Square restaurant, with TGL's now operating an estate of 49 restaurants in the UK.