The Reading branch of TGI Fridays in Caversham Road is among 51 branches saved from administration as a deal shores up the beleaguered brand.
The American cocktail bar and restaurant fell into administration last month, jeopardising the future of its restaurants across the UK.
Now the chain has been acquired by Breal Capital and Calveton UK, the name behind D&D London, Byron Burgers and Vinoteca.
The deal will save nearly 2,400 jobs at 51 restaurants - but the administrators, Teneo, said 35 branches have closed due to the financial woes facing the firm.
Julie McEwan, Chief Executive of TGI Fridays UK, said: “TGI Fridays is a much-loved brand with a rich heritage. The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole. We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.
“We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us. We are doing everything possible to retain our team and support those impacted.
“We would like to thank our team and our loyal guests for supporting us during this transition. We are proud to serve millions of customers across the UK and are committed to continuing to evolve our proposition and to give our guests a great value for money experience that keeps them coming back to enjoy TGI Fridays time and again.”
It means the branch in Caversham Road restaurant in the Reading Station Shopping Park has been thrown a life-line - but its future remains threatened by plans to build 1,000 flats and office space at the shopping park.
In May, the government approved the redevelopment project, which would mean the closure of The Range, Majestic Wines, Aldi, One Below and Reading’s oldest TGI Fridays.
Reading Borough Council has submitted an application to the High Court for the decision to be re-assessed and possibly overturned.
Full list of TGI Fridays UK restaurants remaining open
Reading - Caversham Road
Bluewater
Trafford Centre
Meadowhall
Aberdeen Union Square
Metrocentre
Basildon
Glasgow Fort
Milton Keynes Stadium
Braehead
Wembley
Birmingham NEC
Glasgow
Junction 27
Castleford
Lakeside Quay
Teesside
Bolton
Norwich
St Davids
Doncaster
Lakeside
Fareham
Liverpool One
Stevenage
White Rose
Cribbs Causeway
Rushden Lakes
Stoke on Trent
Southampton
Silverburn
Watford Central
Aberdeen Beach
Braintree
Bournemouth
Stratford
High Wycombe
Cheshire Oaks
Walsall
Milton Keynes
Sheffield
Nottingham
Edinburgh
Coventry
Ashton-Under-Lyne
Telford
The O2
Staines
Crawley
Cheadle
Leicester Square
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article