Administrators are reportedly finalizing a rescue deal for the UK subsidiary of restaurant chain TGI Fridays in a move that could save more than 2,000 jobs.

Calveton and Breal Capital (the private equity owners behind luxury restaurants including Le Pont de la Tour, Quaglino’s and Coq d’Argent) are said to be close to buying up to 55 of the chain’s 87 restaurants in the UK, which could guarantee jobs for almost half of its 4,500 company employees.

A potential deal would likely cover existing leases and the rights to use the TGI Fridays brand in the UK, according to Sky Information, which said a deal could be reached as early as Monday.

It will join Calveton and Breal Capital’s growing portfolio of food outlets. However, this will be different from the 40 luxury restaurants they own through the D&D London brand they bought last year, which include German Gymnasium, Alcazar and Bluebird Chelsea.

The news comes less than a month after TGI Fridays parent company Hostmore appointed consultant Teneo as administrator after failing to turn around the network’s fortunes.

Hostmore said in September that its goal was to secure a sale by the end of October. However, he warned that any deal would likely result in less debt, which stands at £35m.

The restaurants continued to operate as usual as administrators raced to reach an agreement.

Founded in 1965 in New York by a group of friends, TGI Fridays (Thank God It’s Friday) aims to combine classic American dishes, such as hamburgers, with a casual, lively atmosphere. It launched in the UK in 1994 and built a large chain that was acquired by private equity group Electra Companions in 2014. Electra spun off owner TGI Hostmore in 2021 and listed it in London.

Hostmore’s board said last month that it had “inherited a very challenging set of circumstances” and that cutting annual spending by £12m, reducing losses from unprofitable stores and improving the customer experience was not enough to save the business.

“Unfortunately, all of the board’s efforts to implement durable solutions that support the long-term financial future of the business occur against a very challenging commercial and macroeconomic backdrop, and efforts to create value for shareholders through the proposed acquisition of TGI Fridays, while “I am very forward and facing adverse events outside of board management,” Hostmore said in September.

Hostmore shares have been suspended from trading.

Teneo declined to comment. Calveton and Breal Capital could not immediately be reached for comment.