Incorporated in 2015 with a view to building on the previous successes of its award-winning chef, the Company opened its first Central London restaurant in 2017 with 90 indoor and 20 outdoor covers. Another much larger site was recently opened under another brand name in early 2023 with 110 indoor and 50 outdoor covers, also in Central London.
As with many other restaurant businesses, the Company has been affected by increases in the cost of buying food, wage and utility increases, the reduction in post-Covid government support and increase in interest rates which has affected consumers disposable income. Unfortunately however, recent international events have had a dramatic adverse effect on the businesses, and although the first site has recovered and is making good net profits ad remains a viable operation, the second site has not yet returned to previous revenues and is currently trading significantly below expectations.
The directors have significantly reduced overheads, reduced labour costs, increased food margins, and improved working capital usage in hopes of overcoming and outlasting the aforementioned international events. However, with no end to the international event in sight, both Companies are now unable pay their debts as they fall due. As a consequence, the Directors have sought professional advice and have made the difficult decision to put each of the limited companies that operate the individual restaurants into administration, in an effort to find a buyer whilst protecting the brand and retain the staff in a market where good quality, trained restaurant staff are difficult to recruit.
If you are interested to know more about the above opportunity, please note that offers must be received by no later than 12:00pm on Thursday 23 May 2024 with a sale concluded by no later than close of business on Wednesday 29 May 2024 and therefore only parties that are able to work within this time frame should respond. Please note, however, reserves the right to close the bidding early or extend the deadline, without notice or liability.
Preference will be given to parties currently operating within the restaurant industry as we would consider that specialist knowledge is essential to the future success of the business.
Due to the confidential nature of this sale, interested parties will be invited to sign a non-disclosure agreement before further details can be released and will be asked to provide proof of funds with any offer submitted, although reserve the right to request proof of funding at any time during the sales process and may discontinue negotiations with any party that does not provide satisfactory evidence when requested.
If you are interested in finding out more about the above opportunity, please contact us at the earliest opportunity.
NB: Applications received within 48 hours of the deadline may be too late to receive and NDA and Information Pack.
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