Two popular Edinburgh restaurants up for sale after chain’s owner falls into administration

Hostmore, the owner of TGI Fridays, said it had appointed joint administrators from Teneo. The company is in the process of trying to sell its UK restaurants to new owners, which it hopes to complete by the end of September. This would keep the TGI Fridays brand alive on British high streets and could save around 4,500 jobs.

Currently the American-style diner has two locations in the Capital – one at Castle Street and the other at Fort Kinnaird.

It remains to be seen whether Hostmore will secure a buyer for the entire chain of 87 UK restaurants, or whether it will manage to sell some but not all of the branches.

Hostmore said it had attempted to buy the US operator of TGI Fridays for £177m, but that the deal collapsed.

TGI Fridays is open as normal while the administration process starts.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “TGI Fridays bounded onto the UK restaurant scene in the mid-eighties with its Americana-inspired decor and menus satiating the appetite for US cuisine dining.

“Even though the chain had focused on reducing costs and significantly reduced losses from unprofitable stores, it wasn’t enough to keep the business afloat.

“Given the brand recognition, its continued operation in more than 50 other countries and the level of loyal custom, it’s unlikely to disappear from the UK scene completely.”