Our expert Banking and Finance team has advised Metro Bank in a landmark transaction that has saved TGI Fridays restaurants and nearly 2,400 jobs across the UK.
Breal Capital and Calveton UK acquired 51 TGI Fridays restaurants after the group’s previous operator fell into administration. This pivotal deal was finalised in just a few days between the buyers and the administrators of the restaurant chain’s British parent company.
Metro Bank played a central role in funding this swift rescue package, with our Banking and Finance team providing the legal expertise to complete the transaction in a very tight timeframe.
The lending offer for the rescue agreement was led by Banking and Finance Partner Dominic Marshall, with significant support from Solicitors Angela Shendy and Olivia Evans.
Speaking of the transaction which represents a significant step in preserving jobs by supporting the continuity of an iconic restaurant brand and supporting Metro Bank’s customer, Dominic commented:
“We are delighted to have supported our client Metro Bank in this significant transaction which ensures the safeguarding of around 2,400 jobs for the hospitality industry. To complete a deal of this scale in such a short period is a testament to the dedication and expertise of our team. We are proud to have represented Metro Bank as part of this critical rescue effort, which heralds a positive future for the TGI Fridays brand, its employees, and customers.”
Andy Veares, Managing Director Corporate and Commercial at Metro Bank commented on the deal:
“In transactions of this kind, time is absolutely of the essence and we couldn’t have done it without the support of the whole Hugh James team. TGI Fridays is a major employer and iconic brand so I’m thrilled that Metro Bank has been able to help fund this acquisition of 51 sites, protecting around 2,400 jobs and maintaining its loyal customer base.”
