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Business

Jobs in Wales at risk as TGI Fridays UK operator enters administration

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THE UK operator of TGI Fridays has entered administration, leaving the fate of 87 restaurants, including key locations in Wales, hanging in the balance. This move comes as Hostmore, which operates the brand in the UK, scrambles to sell its chain across the country.

In a recent development, administrators from Teneo have been appointed after plans to acquire the US-based parent chain fell through earlier this month. The collapse of these plans has cast a shadow over the future of the beloved American-inspired restaurant chain.

Among the affected branches are popular Welsh locations in Swansea, Cardiff and Newport. The staff now face uncertainty.

Hostmore has expressed hope in completing the sale of the UK restaurants by the end of September. This would not only keep the TGI Fridays brand alive on British high streets but also potentially save approximately 4,500 jobs across the UK. However, the company has cautioned that it does not expect to recover any significant value from the sale, indicating potential financial shortfalls for creditors and banks.

The uncertainty extends to whether a buyer will be found for the entire chain or only parts of it. This raises concerns about the potential closure of some of the 87 UK branches. TGI Fridays, which first opened in the UK in Birmingham in 1986, has become a familiar name in towns and cities nationwide.

Currently, the restaurants continue to operate as usual while the administration process unfolds. The collapse of the London-listed hospitality firm came after plans to merge with the US-based TGI Fridays Inc. for £177 million were abandoned. This merger would have created a larger entity remaining listed in London, but it was called off following a management change that would have prevented Hostmore from collecting royalties from the TGI Fridays brand.

Hostmore’s financial woes have been exacerbated by a 12% drop in sales this year compared to the previous period, attributed to unusually warm weather and weak consumer spending. The company’s share price plummeted by more than 90% following the announcement, leading to its suspension from the London Stock Exchange.

Hostmore’s brief tenure as a public company has been fraught with difficulties since its debut in November 2021. Its share price, which started at 147p, has suffered a dramatic decline due to profit warnings, mounting debts, and underperforming restaurants.

Russ Mould, investment director at AJ Bell, described the collapse of Hostmore’s expansion plan as a significant blow, suggesting little to no value left for shareholders. He noted that the US acquisition would have significantly increased Hostmore’s scale and given it a major presence in America, freeing it from an existing restrictive franchise deal.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, highlighted the potential for the brand’s survival, citing its continued operation in over 50 countries and loyal customer base. However, she suggested that a new owner might need to significantly reduce the number of UK outlets, focusing on successful locations like London’s Leicester Square.

The story of TGI Fridays began in New York in 1965, founded by Alan Stillman. It became a sensation known for its unique “Thank God It’s Friday” ethos and flair bartending. The brand expanded to the UK in the mid-1980s, bringing its Americana-inspired décor and menu to a new audience.

As the administration process continues, the full list of UK outlets at risk of closure includes:

  • Aberdeen Beach
  • Aberdeen Union Square
  • Ashton-under-Lyne
  • Barnsley
  • Basildon
  • Birmingham
  • Birmingham NEC
  • Bluewater
  • Bolton
  • Bournemouth
  • Bracknell
  • Braehead
  • Braintree
  • Brighton Marina
  • Cabot Circus
  • Castleford
  • Cheadle
  • Chelmsford
  • Cheltenham
  • Cheshire Oaks
  • Coventry
  • Crawley
  • Cribbs Causeway
  • Croydon
  • Derby
  • Doncaster
  • Durham
  • Edinburgh
  • Enfield
  • Fareham
  • Fort Kinnaird
  • Gateshead
  • Glasgow Buchanan Street
  • Glasgow Fort
  • Gloucester Quays
  • Halifax
  • High Wycombe
  • Jersey
  • Lakeside Quay
  • Lakeside Retail Park
  • Leeds Junction 27
  • Leeds Wellington Bridge Street
  • Leeds White Rose
  • Leicester
  • Lincoln
  • Liverpool One
  • Liverpool Speke
  • London Leicester Square
  • London Stratford City
  • London the O2
  • Manchester Royal Exchange
  • Meadowhall
  • Metro Centre Gateshead
  • Milton Keynes
  • Milton Keynes Stadium
  • Newcastle Eldon Square
  • Newport Friars Walk
  • Northampton
  • Norwich
  • Nottingham
  • Prestwich
  • Reading
  • Romford
  • Rushden Lakes
  • Sale
  • Sheffield
  • Silverburn
  • Solihull
  • Southampton Retail Park
  • Staines
  • Stevenage
  • Teesside
  • Telford
  • Trafford Centre
  • Trinity Leeds
  • Walsall
  • Watford Central
  • Watford North
  • Wembley
  • West Quay

The uncertainty surrounding TGI Fridays’ future in the UK has left many customers and employees anxious. While the brand has weathered many storms over the decades, it remains to be seen if it can survive this latest challenge and continue serving up its iconic American cuisine to British diners.

Business

The Range to open Haverfordwest store this week

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New home and garden retailer takes over former Homebase site

A MAJOR new retail store is set to open in Haverfordwest this week, bringing a fresh option for shoppers and garden enthusiasts alike.

The Range, a popular UK home, leisure, and garden chain, will officially open its new store at Springfield Retail Park on Fishguard Road on Friday (Apr 25). The store has taken over the former Homebase unit, which closed its doors in March last year after a clearance sale emptied its shelves.

The Pembrokeshire store is one of more than 50 former Homebase locations being transformed by The Range’s parent company, CDS (Superstores International), as part of a national expansion. CDS acquired around 70 sites across the UK and Ireland, aiming to safeguard approximately 1,600 jobs following Homebase’s financial collapse.

Customers in Haverfordwest can expect a wide selection of products across homeware, DIY, and seasonal gardening, with the store also boasting a new Homebase-branded garden centre.

The Range has confirmed that the new Haverfordwest branch will be a dog-friendly store, with special offers on opening day including free goody bags for the first 50 customers through the door – and even treats for the first five dogs to visit.

“We’re excited to welcome shoppers to our newest store,” said a spokesperson for The Range. “Come and explore a wide range of products, exclusive offers, and the brand-new Homebase Garden Centre.”

Although social media posts suggest an official opening time of 9:00am on Friday, the store is expected to open its doors slightly earlier at 8:30am. Opening hours for the weekend are listed as 8:30am to 8:00pm on both Friday and Saturday, and 1:30pm to 4:30pm on Sunday (Apr 27).

Regular hours have yet to be confirmed, but are expected to be similar to The Range’s Carmarthen store, which opens from 8:00am to 8:00pm Monday to Saturday, and 10:30am to 4:30pm on Sundays.

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Business

Ashmole & Co partner marks 30 years with firm

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IAN BADHAM, a long-standing partner at Ashmole & Co, is celebrating three decades with the accountancy firm this month.

Ian, who is based in the Haverfordwest, Tenby and Cardigan offices, joined the firm in 1995 as an ACCA Trainee Accountant after graduating with a degree in Accountancy and Finance from Bristol University. A decade later, in 2005, he became a Partner and has since played a key role in developing the firm’s presence in west Wales.

Reflecting on the changes over the past 30 years, Ian said: “When I started, there was just one computer with internet access in the entire office. Everything was paper-based. It’s been incredible to see the shift to a digital office environment.”

Ian lives in Penally, near Tenby, and takes great pride in supporting the next generation of professionals. “As a firm in west Wales employing over 100 staff, it is very rewarding to be able to provide quality jobs for local people. Seeing our staff grow in their careers means a lot to me.”

He added: “Being a first point of contact as a trusted adviser to our clients is a key part of my role. We are here to support them through both good and challenging times. The Covid pandemic was probably the most difficult period in my career, as we worked around the clock helping businesses access support. It was tough, but also one of the most rewarding parts of the job.”

In addition to his work across multiple offices, Ian is also a family man. He and his wife Claire have two sons. Their youngest plays rugby for the Scarlets and Carmarthen Quins, and much of Ian’s spare time is spent travelling Wales to support him. Ian recently became a grandfather and is now also enjoying ‘grandad duties’. When time allows, he enjoys golf, sea rowing and kayaking around Pembrokeshire.

Ashmole & Co, Chartered Certified Accountants, is celebrating its 125th anniversary this year. It is one of the largest accountancy and auditing practices in south Wales, operating from thirteen offices including Swansea, Ammanford and Llandeilo.

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Business

Preparations underway for Tenby pedestrianisation scheme

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PEMBROKESHIRE COUNTY COUNCIL is once again preparing for the annual Tenby Pedestrianisation scheme.

The scheme is due to start on Monday July 7 and finish on Friday September 12 and run between 11am – 5.30pm each day.

The scheme will again see the Walled Town divided into three zones, each of which will have varying degrees of vehicle access.

Full details of the scheme and the on-line application form will be available from Thursday May 1st on the Council’s website at https://www.pembrokeshire.gov.uk/tenby-pedestrianisation

Residents and business within the Walled Town are encouraged to complete the application process as soon as possible after the documents go live.

This will ensure that there is sufficient time for the application to be processed and additional checks made should further information be required.

Permits will be issued approximately seven to 10 days before the scheme start date.

Please note that paper application forms and guidance notes will no longer be delivered to residents and businesses within the Walled Town and requests for permits will be required to be submitted online.

In order to ensure the ongoing success of the scheme permit holders are encouraged to continue to plan journeys outside of the scheme hours of 11am – 5.30pm as far as is practical.

Email Tenby.pedestrian@pembrokeshire.gov.uk for further information.

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