Ray Blanchette's family investment firm Sugarloaf rescued the Dallas-based parent business of TGI Fridays from administration in 2025, according to reports. In January, Sugarloaf picked up TGI Fridays' UK arm after the local franchisee got into difficulties, sources indicate. The rescue deal resulted in the closure of 16 restaurants and the loss of 456 jobs, while 33 TGI Fridays UK restaurants were retained and remain open, according to media accounts.
Ray Blanchette's investment firm now controls the global master franchise for TGI Fridays, reports suggest. Sugarloaf Hospitality directly runs 11 US outlets and the UK restaurants of TGI Fridays, according to sources. Blanchette found parts of the TGI Fridays UK business had been left underfunded, with no heating at 14 sites and non-working refrigerators at other outlets, sources say. The exact date of the UK acquisition and the specific financial difficulties of the local franchisee have not been disclosed, and the full extent of the underfunding issues beyond heating and refrigerators remains unclear.
I am a little crazy maybe.
TGI Fridays is preparing to launch a new menu with more competitive prices and fresh deals for families, according to reports. The chain has already introduced an 'everyday trio' deal (appetizer, main, drink) from £12.49 and new dishes at reduced prices, sources indicate. According to The Guardian - Main UK, Ray Blanchette described his company as a family business with no private equity investment, stating he bought TGI Fridays intending to own it for the next 100 years. In a wire report, Blanchette said that in the new menu rolling out at the end of this month, quite a few prices have been rolled back, which he believes will lead to increased traffic. He added that they have to understand where the UK consumer is today.
In a separate administration case, Henry Nuttall, a fish and chip shop equipment supplier founded in 1865, entered administration in February following financial difficulties and the death of its owner, according to reports. According to Richard Oddy, joint administrator at Azets Holdings Limited, the business ran into financial difficulties following the death of the owner in March 2024, with increasing cost pressures and a decline in product demand. Henry Nuttall was acquired by HN Ranges through the RGM Leeds group, saving all 11 jobs, sources say. A spokesperson for RGM Leeds stated that Henry Nuttall is now part of the RGM Leeds group, alongside Hopkins, strengthening the long-term future of the business. The specific financial terms or undisclosed figures involved in the rescue deal have not been revealed, and the detailed long-term investment plans to ensure future viability remain unspecified.
We have enough history and legacy to build off.
HMS (883) Limited, operating two Italian restaurants in Scotland (Lucali in Giffnock and Andiamo in Milngavie), appointed administrators earlier this month after being unable to sustain its historical debt burden, according to reports. HMS (883) Limited's business and assets were sold to GFJ Group Limited, securing 50 jobs, sources indicate. Gordon Thomson, joint administrator at RSM Restructuring Advisory, said the sale of the business and its assets not only represents the best outcome for the company's creditors, but also secures 50 regional jobs in the hospitality industry. The specific financial terms of this sale have not been disclosed, and the long-term investment amounts to ensure viability are unknown.
Overall administrations in the UK surged by more than 40% in January, with 151 businesses collapsing between December and January, according to reports. According to The Guardian - Main UK, Ray Blanchette described having enough history and legacy to build off, and he noted that the brand is important in the UK. He also stated, according to The Guardian - Main UK, that he might be a little crazy. In further comments from a wire report, Blanchette said that if they want the brand to be accessible and approachable, they should make it that way. He added that there is enormous pent-up demand for eating out, but economic realities sometimes prevent it, and the guest experience will never exceed the team member experience. Richard Oddy also noted that Henry Nuttall is one of only two main UK manufacturers of frying ranges, the other being Hopkins, and it was the world’s original frying manufacture. The specific 16 TGI Fridays UK locations closed and the criteria used for selection have not been detailed.
My company has no private equity investment – it’s a family business, my business, and I bought [TGI] intending [for us] to own it for the next 100 years.
I know this brand is important in the UK.
In the new menu that we’re rolling out at the end of this month, quite a few prices have been rolled back. Which is really risky, I know, but I believe that it’ll lead to increased traffic.
We don’t see that very often but I just felt that we’re not connected with the market and we can’t be tone deaf, we have to understand where the UK consumer is today.
And if we want the brand to be accessible and approachable, make it that way.
We know there’s enormous pent-up demand… people would like to eat out more, but there are economic realities that prevent that sometimes.
It’s part of the culture, it’s part of the fun, and we think the guest experience will really never exceed the team member experience.
The sale of the business and its assets not only represents the best outcome for the company's creditors, but also secures 50 regional jobs in the hospitality industry.