The UK operator of TGI Fridays has gone into administration as the hospitality firm looks to sell its chain of 87 restaurants across the country.

Hostmore said it had appointed joint administrators from Teneo.

The company is in the process of trying to sell the UK restaurants to new owners and hopes to complete by the end of September.

TGI Fridays has two restaurants in Southampton - one in Westquay South, near the cinema, and one in the retail park outside.

What does administration mean for TGI Fridays?

If the sale can be completed, it would keep the TGI Fridays brand alive and mean it would remain on British high streets.

The move would also save thousands of jobs as closures wouldn’t be necessary.

But it said earlier this month that it was not expecting to “recover any meaningful value” from the sale of sites, meaning it would earn less from the sale than it owes to creditors and banks.

It is also not clear whether it will secure a buyer for the entire chain or whether it will manage to sell some but not all of the restaurants.

Is TGI Fridays open during the administration process?

The American-inspired restaurant chain is open as normal while the administration process starts so customers can still visit for meals and drinks.

The collapse of the London-listed hospitality business comes after plans to buy the US restaurant chain for £177 million fell through earlier this month.

It would have merged with US-based TGI Fridays Inc. to create a larger firm that would remain listed in London but the takeover plans were dropped after a management change which would have meant it could not collect royalties from the TGI Fridays brand.

Recommended reading:

Hostmore shares tanked by more than 90% after the news earlier in September, as shareholders took the brunt - its shares are now worth less than 0.2 pence per share.

Its shares have now been suspended from the London Stock Exchange and the public company will be delisted and wound up.

TGI Friday's biggest market is in the US where there are 128 restaurants, including franchised sites, and it operates more than 270 in countries around the world.