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Buyer found for London Restaurant following recent administration PDF Print E-mail
Friday, 03 July 2015

An Italian Restaurant in London obliged to enter into administration two weeks ago has managed to stay open, thanks to the work of the nationwide insolvency practitioners SFP in finding a buyer for the business and its assets.

M.M. Caterers Limited, the name behind a chic Italian restaurant near St Pauls, suffered a downturn in revenues caused by a number of factors, including poor trading during the London Olympics that saw fewer customers through its doors.

Although the business entered a Company Voluntary Arrangement (‘CVA’) in May 2013, that CVA was breached in April 2015 and the directors entered into administration to save the business.

Simon Plant and Daniel Plant of SFP – both licenced Insolvency Practitioners – were appointed to manage the administration and having valued the business, immediately set about trying to sell it as a going concern. Before being appointed, the SFP Directors sought potential interest, and post appointment reviewed the property leases and liaised with local landlords.

Daniel Plant reports that a buyer has now been found and the business remains open: “This is a very successful outcome for a restaurant with a proud reputation in London since the early 1960s,” he says, “and shows the value in consulting with an IP early in the process.

“The hospitality sector is fiercely competitive, and even well-established businesses can sometimes struggle. What is particularly unfortunate in this case, is that the restaurant’s troubles coincided with the Olympics, when perhaps they may have expected to have enjoyed a boom time.”

(Source - SFP Press Release)  

 
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