Hundreds of jobs to be lost in TGI Fridays insolvency plan: Hundreds of staff face losing their jobs in the coming days as the owner of TGI Fridays finalises plans to buy back a slimmed-down version of the casual dining chain. Sky News reports that Sugarloaf TGIF Management, which only took control of TGI Fridays two months ago, is preparing to implement a pre-pack administration of the business in a deal which is expected to take place next week. Insiders said a transaction was expected to involve the closure of a significant proportion of the estate’s 49 restaurants. One suggested that between 15 and 20 of the sites could be permanently axed, although the final number is still being worked on and has yet to be determined. They cautioned that a deal could yet be delayed beyond next week. If the pre-pack scenario and site closure plan does materialise, it would inevitably mean hundreds of TGI Fridays’ nearly 2,000-strong workforce in the UK being made redundant. Interpath Advisory has been lined up to handle the pre-pack administration, with two notices of intention to appoint the firm having been filed in the run-up to Christmas. A company spokesperson said: “TGI Fridays UK is still assessing all options for the future of the business. No decisions have been made yet and locations continue to operate as usual.” The business was put up for sale in November, just a few weeks after Sugarloaf TGIF Management, a company run by the chain’s former chief executive, Ray Blanchette, bought it. Under Breal and Calveton, its previous owners, the performance of the business was said to have stabilised. The company declined to comment on the details of the potential pre-pack deal. TGI Fridays features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club members. The latest edition features 1,209 companies. The companies, listed in alphabetical order, have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Email kai.kirkman@propelinfo.com today to sign up.

Revolution Bars owner plots swift sale: The Revel Collective, the company behind the Revolution bars chain and Peach Pubs, has set a deadline for bids after warning shareholders that they face being wiped out as part of a deal. Sky News reports that the business has told bidders to submit offers by 9 January as it races to conclude a deal. City sources said that Neos Hospitality, formerly Rekom, was among the parties which had expressed interest in buying some of The Revel Collective’s sites. In total, the company trades from 62 locations but is facing the prospect of collapse if it does not finalise transactions to sell its assets. It warned in a stock exchange announcement earlier this month that investors were unlikely to see any return from the transactions under consideration. The company also announced the suspension of trading in its shares. “The option of an equity fundraising has been considered but the board has concluded it does not have the necessary support for such a transaction,” it said. Industry insiders said that two parties were in talks to buy the 22-strong Peach Pubs business, which The Revel Collective – then known as Revolution Bars – acquired in 2022. Neos Hospitality is said to be interested in a portfolio of the group’s late-night venues. FTI Consulting is advising on the formal sale process. A spokesperson for The Revel Collective declined to comment.

Eataly reports 2.5% drop in UK revenue: Eataly has reported that revenue at its Bishopsgate, London, site dropped 2.5% to £26,048,337 in the year to 31 December 2024. Loss before taxation was £3,673,634, down from a loss of £5,011,508 the year before. Total losses since opening in April 2021 stand at £14,855,494. The company attributed reduced turnover to a “general slowdown in the restaurant sector, which fell short of expectations”. The company added: “Retail performance on the other hand, remained in line with the prior year. Management undertook effective measures to optimise labour hours, aiming to improve the ratio of labour costs to revenues in response to the evolving revenue trends. Additionally, a general reduction in utility costs brought a significant benefit to the company. Together with a broader cost control and reduction plan, this contributed to an improved operating loss compared to the previous year.”

McDonald’s franchisee Ex Amino Foods reports increased losses have led to better rent terms from McDonald’s: Ex Amino Foods, the McDonald’s franchisee of seven sites led by Franco Ventura, has reported turnover edged up by £200,000 to £40,988,698 in the year to 31 December 2024 (2023: £40,776,222). Loss before tax increased to £974,667 from £144,822 the year before. The company said it would benefit from “adjusted rent terms and relief effective from July 2025” after “confirmation from McDonald’s”. It added: “This represents a significant and positive improvement to the cost base and is expected to support operating margins. The company has received approval to acquire additional restaurants. This expansion is expected to contribute to increased turnover and further strengthen our market presence. Several loans are scheduled for repayment within the next 12 months, reducing financial obligations and improving balance sheet position.” On the financial year to 31 December 2024, it said: “Operating profit decreased by £800,000 to produce an operating loss of £600,000. Benefit in gross margin has been eroded mainly by higher labour costs. The financial position of the company remains healthy with a balance sheet showing net assets of £1m, a decrease of £800,000, which is primarily due to the loss made during the year. Food cost inflation continues to be a challenge, particularly due to rising beef costs. This combined with increases in the national living wage and Employer NI costs and ongoing high utility costs has led to inflation in menu board prices to customers.” 

Laine Pub Company reports small profit increase: Laine Pub Company, the Brighton-based operator of 51 pubs owned by Punch owner CF Cooper Holdings, has reported a small rise in pre-tax profit to £4,195,000 in the period ended 10 August 2025 (2024: £4,190,000). The company saw turnover dip to £47,543,000 (2024: £49,004,000). In Companies House documents, the owner stated: “The Laine business unit (is) a community of 51 highly individual pubs in Brighton, London, Birmingham, and Norwich that specialise in enhancing the customer experience beyond the accepted offer of a traditional pub. Laine’s proposition harness new technologies, cutting edge art, inventive food and drink products and innovative gaming and entertainments to ensure the achievement of the company’s principle goal – to ignite every moment for its customers through the creation of inviting, indulging and inspiring pub and beer experiences.” The company closed its in-house brewing operations after the year-end and outsourced production of its flagship products to Keystone Brewery.