The American-themed restaurant giant’s UK owner Hostmore is to be wound down in a move that could wipe out its shareholders.
The firm previously revealed it had dropped plans to buy the United States restaurant chain for £177 million, and its shares then plummeted by more than 90%.
READ MORE: Glasgow bar to close at the end of the month after three years of business
Now in a bid to survive and become a fully franchise-operated model, all 87 TGI Fridays UK restaurants are up for sale.
This includes the Buchanan Street restaurant in the city centre as well as the Glasgow Fort, Silverburn and Braehead spots.
It is not clear whether all or some will be bought and if some may close or stay open.
Russ Mould, investment director at AJ Bell, said it is “effectively game over for Hostmore as a listed business”.
READ MORE: ‘This will be a big loss’: Beloved restaurant to close in next few weeks
He added: “The company’s share price crashed 90% after an expansion plan went up in smoke, implying there is little to no value left in the listed business for shareholders.”
Hostmore also revealed that UK sales have fallen by more than a 10th this year, compared with last year.
Over the first three weeks of July, sales dropped by nearly a quarter compared with the same period in 2023, as it was affected by warmer weather resulting in fewer visitors and continued weaker consumer spending.
We previously reported that Hostmore had taken the decision to get rid of its other brand 63rd+1st, a New York-inspired bar on Glasgow’s Bothwell Street.
The closure in Glasgow followed three other venues in Cobham, Harrogate and Edinburgh.
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