An American-inspired fast-food chain with a restaurant in High Wycombe is selling all its UK venues after collapsing into administration.

Hostmore, the UK operator of TGI Fridays, has gone into administration and is scrambling to sell its 87 restaurants in the country – including the site on Crest Road in Wycombe.

The company is in the process of trying to sell the restaurants to new owners in a bid to keep the TGI Fridays brand alive on British high streets and save thousands of jobs – something it hopes to complete by the end of September.

But Hostmore 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 will manage to sell some but not all of the restaurants.

The TGI Fridays branch in Wycombe will remain open as normal while the administration process begins.

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.

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 Fridays’ 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.