Dutch private equity group ABN AMRO Capital and US-based Carlson Restaurants Worldwide have agreed a deal to acquire the TGI Friday’s restaurant chain from Whitbread for £70.4m.

ABN AMRO Capital will hold a majority stake of 60 per cent in the joint venture, with Carlson taking the remainder. Barclays Bank will provide senior debt facilities.

Paul Southwell, managing partner of ABN AMRO Capital’s UK buyout team, said: “TGI Friday’s is a well established brand in the US and one which we feel can be further developed in the UK.

“We are keen to guide the business through the next stage in its development and we look forward to working with Carlson Restaurants Worldwide to realise that ambition.”

There are 45 TGI Friday’s restaurant in 41 locations across the UK, employing around 3,000 people.

Carlson is the master franchisor of the TGI Friday’s brand – which was established in 1965 – and will make the UK the company’s largest market outside the US.

The deal is expected to be completed in March, subject to customary approvals.