Evolv Collection investors Calveton UK and Breal Capital have sold TGI Fridays to Sugarloaf, the global brand’s manager.
Details of the deal for the 49 UK restaurants, purchased by Calveton and Breal for £9.55m in October 2024, have not been disclosed.
TGI Fridays was undergoing a revival in the UK following the closure of 36 underperforming locations ahead of its sale last year. The brand relaunched on 4 July with updated branding and a refreshed menu.
Calveton and Breal reported positive like-for-like sales growth in 2025, with festive bookings up 25% compared to the previous year.
A spokesperson for Breal and Calveton said: “After a prolonged period of due diligence, we are pleased to announce the sale of TGI Friday’s UK to Sugarloaf, the manager and custodian of the Worldwide brand.
“During 12 months of our tenure, we have stabilised the team and supply chains as well as completing the first phase of repositioning the brand through a national relaunch on July 4 this year which has seen improvements in both revenues and covers growth versus run rate.
“We hand the reins over with positive like-for-like sales growth and festive trading currently a healthy 25% up on bookings versus this time last year. We would like to thank the UK management team and staff for their hard work and efforts over the last 12 months.”
Sugarloaf is headed by Ray Blanchette, who ran TGI Fridays for five years until 2023. Following the brand’s bankruptcy filing in late 2024, he assumed management of its remaining US restaurants.