Law firm Hugh James played key role in deal saving more than 50 TGI Fridays restaurants

Cardiff legal firm Hugh James played a key role in the financing of a deal that has seen more than 50 TGI Fridays restaurants acquired out of administration.

The firm’s banking and finance team advised Metro Bank in its debt funding to Breal Capital and Calveton UK to acquire 51 TGI Fridays venues from joint administrators, Daniel Smith and Julian Heathcote from insolvency firm Teneo.

The lending offer for the rescue agreement, which has saved around 2,500 jobs, was led by Hugh James banking and finance partner Dominic Marshall, with support from Solicitors Angela Shendy and Olivia Evans.

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Mr Marshall said: “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, said: “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.”