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21 Dec 2006
KPMG has been called in to advise the owners of Little Chef as the restaurant network tries to stay afloat.
The People's Restaurant Group (PRG) acquired the business in 2005 for £52m, but is now conducting talks with a American consortium in a last-ditch bid to save the chain from bankruptcy. This latest development unfolded less than a week after PRG entered into crunch talks with its landlord and othert creditors over cash issues.
PRG suffered problems after a £60.3m sale and leaseback deal of 65 sites in February with Israeli property investment group Arazim Investment. Trading picked up after the transaction, but not as quickly as PRG had expected.
KPMG envoys joined PRG at the negotiation table as talks began with the US group to hammer out a deal that would safeguard Little Chef's future and galvanise its market presence with a package of funds to enhance its network of about 235 outlets.
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