Spudulike closes all branches after sale collapses
Fast food chain Spudulike has collapsed and shuttered all its branches, making 298 employees redundant, administrators confirmed today
The casual dining group, which specialised in baked potatoes, closed all 37 of its stores on Friday after a prospective buyer pulled out of a deal to purchase the company at the last minute.
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The firm unsuccessfully tried to restructure using a company voluntary arrangement (CVA) last month, however, plans were voted down by its creditors. Casual dining chains including Carluccio’s, Gourmet Burger Kitchen and Giraffe and Ed’s Easy Diner have all used the restructuring process to shutter stores during a challenging time for the industry.
Neil Bennett and Alex Cadwallader from Leonard Curtis Business Solutions have been appointed as administrators and will seek buyers for the group’s remaining assets.
Bennett said: “We are very disappointed with the outcome after working for several weeks firstly preparing a CVA proposal, which was rejected by the group’s creditors, and subsequently pursuing the sale of all or part of the group’s business and assets with a number of prospective purchasers.
“Sadly a sale of the business and assets of the group on a going concern basis did not prove possible, following the last minute withdrawal of an offer that was close to completion.”
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Workers have been let go without back pay or holiday pay, The Guardian reported.
Bennett added: “We are now focusing on seeking any interest in the group’s remaining assets whilst managing the impact of the closures on former employees, helping them prepare and submit claims for any arrears of wages, statutory notice entitlement and redundancy pay”.
Main image credit: Getty