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Former TGI Fridays chief in move to snap up UK chain
Ray Blanchette's acquisition of nearly 50 UK sites secures 2,000 jobs amid economic challenges and tax rises impacting the hospitality sector, sources said.
- Sugarloaf TGIF Management, led by former TGI Fridays chief executive Ray Blanchette, struck a deal to take control of nearly 50 TGI Fridays UK sites, selling shareholders said after prolonged due diligence.
- The chain's recent history matters because it was sold just over a year ago to Calveton UK and Breal Capital amid a tough UK hospitality industry market with a stagnating economy and tax rises.
- Under Mr Blanchette's leadership, Sugarloaf TGIF Management moved to consolidate the UK sites, forming part of wider international consolidation under Ray Blanchette, sellers confirmed after due diligence.
- The sale preserves all 2,000 jobs at TGI Fridays UK and supports a strong booking pipeline for the crucial festive trading period amid UK hospitality sector pressures.
- Looking to the near term, the TGI Fridays national relaunch on July 4th improved revenues and covers, bolstering prospects ahead of the festive trading period, industry sources said.
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Former TGI Fridays Chief In Move To Snap Up UK Chain
Sky News has learnt that Sugarloaf TGIF Management, run by former TGI Fridays chief executive Ray Blanchette, has struck a deal to take control of nearly 50 UK sites. Industry sources said the deal was likely to be announced within days. Money blog: Holidays blow as pound takes another battering The transaction will see TGI Fridays’ UK arm form part of a growing international consolidation of the brand under Mr Blanchette. The British chain, whi…
Coverage Details
Total News Sources20
Leaning Left0Leaning Right1Center13Last UpdatedBias Distribution93% Center
Bias Distribution
- 93% of the sources are Center
93% Center
C 93%
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