TGI Fridays has shut 16 of its UK restaurants, leading to 456 job losses, after its operating company entered administration. However, a rescue deal has secured the future of most sites.

Liberty Bar and Restaurant Group, which manages the chain’s UK outlets, appointed administrators from Interpath Advisory on Tuesday.

The business and its assets were immediately sold to a subsidiary of Sugarloaf, the firm behind the global TGI Fridays brand.

Sugarloaf had two months earlier bought the UK business from private equity firm Calveton UK and Breal Capital.

Administrators confirmed the pre-pack administration deal would safeguard 33 restaurants and transfer 1,384 workers to the new vehicle.

However, 16 TGI Fridays sites were not included and immediately shut for good.

The company confirmed the move resulted in 456 redundancies for staff across the restaurants.

Phil Broad, global president of TGI Fridays, said: “We have been working closely to explore all available options for securing the long-term future of TGI Fridays in the UK, and believe that this is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth.

“TGI Fridays has a long history in the UK, and I believe that the future of the brand is in strong hands – focused on reinvigorating the brand while continuing to deliver the bold flavours, welcoming atmosphere, and high-energy dining experience that define TGI Fridays.”

Ryan Grant, managing director at Interpath and joint administrator, said: “We are pleased to have been able to secure this transaction which will see this well-known brand continue to trade across the UK.

“While these have been difficult times for hospitality operators generally, this marks a pivotal step in TGI Fridays’ wider turnaround plan, putting in place stable foundations upon which it can begin to move forward.”

The UK has awarded contracts to build a record supply of offshore wind projects as part of its efforts to grow the country’s clean electricity sources.

The projects span England, Scotland and Wales, including what could be the world’s largest offshore wind farm off the coast of Scotland in the North Sea.

But some analysts warn that despite the record haul of offshore wind, the government will still struggle to meet its 2030 “clean power” target.

The government argues that wind projects are cheaper than new gas power stations and will “bring down bills for good”, but the Conservatives have previously accused climate targets of raising energy costs.

The largest successful project is Berwick Bank in the North Sea, which is the largest planned offshore wind farm worldwide.

Other projects to be awarded contracts include the Dogger Bank South wind farm off the coast of Yorkshire and the Norfolk Vanguard project off the coast of East Anglia – while Awel Y Mor was the first successful Welsh project to in more than a decade.

The government wants at least 95% of Great Britain’s electricity to come from “clean” sources by 2030, partly to reduce emissions of planet-warming gases from fossil fuels. These clean sources include renewables – such as solar and wind – and nuclear energy.

Federal Minister for Finance and Revenue Senator Mohammad Aurangzeb has said that the government is fully aware of the challenges facing the economy, admitting that some companies are leaving the country due to high taxes and expensive energy.

Addressing the Pakistan Policy Dialogue in Islamabad on Wednesday, Senator Aurangzeb, however, said there were 20 new foreign investors who have entered the Pakistan market during the last 18 months.

These new foreign investors included Google, Aramco, Wafi Energy, Turkishm Petroleum and others, he added.

The finance minister also revealed that the government will hand over 24 more state units to the Privatization Commission for offloading after the successful sale of the Pakistan International Airlines (PIA).

Aurangzeb said that foreign remittances would cross $41 billion during the current fiscal year as compared to previous year’s $38 billion.

He said handling of tax policy has been delegated to the Finance Division as the Federal Board of Revenue (FBR) is focused on collection of taxes.

Aurangzeb said the circular debt is gradually decreasing due to reforms in the energy sector.

The minister said “There are firms which are also leaving that is true .. if the taxation is high or the energy cost is high or its financing cost is always moving in the right direction those have been real issues.”

Aurangzeb said high taxes and high energy cost remain “real problem for businesses,” adding the government has begun reforms to reduce the burden on the national exchequer and bring economic stability.

“But those firms which have been able to look at business models because it takes two to tango, what the government has to do, and what the private sector has to do, and if you have wedged into their business models for the last 50 years it’s not going to work in the New World Order,” he maintained.

The minister said some of the multinational firms switched to local sourcing “because of their margins are fine and they are now able to export, therefore they stay.” And If another firm has not been able to do that, then that’s something we know they need to think through, he added.

Aurangzeb said structural reforms were underway across the country and that the transformation process of the Federal Board of Revenue (FBR) is continuing. “Compliance and enforcement are essential to ensure implementation of tax laws,” he added.

The finance minister said over Rs1,000 billion are wasted by state units every year. “Utility Stores, PWD and PASSCO were shut down due to losses,” he added.

“Increasing duties is harmful for the country. We have introduced major reforms in tariff and drop in tariffs will automatically spur exports and industrial production,” he remarked.

Aurangzeb remained optimistic about the broader economic landscape, pointing to the government’s ongoing reform efforts aimed at addressing critical issues.

“We are in the process of introducing structural reforms across various sectors, and a transformation of the Federal Board of Revenue (FBR) is already underway,” he said.

These reforms, he explained, are designed to ease the burden on businesses and strengthen the country’s financial systems.

In addition to fiscal reforms, the minister underscored the importance of improving tax compliance and enforcement.

“For tax laws to be effective, proper implementation is crucial. We are focusing on compliance and enforcement to ensure that the reforms are successful,” he said.

Despite the current economic pressures, the Finance Minister expressed confidence that these measures would pave the way for more sustainable growth and attract additional foreign investments in the long run.