London’s Criterion restaurant enters administration
UHY Hacker Young appointed as London’s historic Criterion Restaurant enters administration following rental hike
ADMINISTRATORS from UHY Hacker Young have been called in by the owners of the opulent Criterion on Piccadilly Circus after the historic restaurant entered administration following a steep rent rise.
Peter Kubik and Andrew Andronikou of UHY Hacker Young were appointed as joint administrators to the 141-year-old business after its owners Vox Restaurants Limited were unable to keep up with rent increases.
Following a recent rent assessment, the rent for the property increased by 60% from £525,000 to £850,000 a year.
“Due to a demand being made by the landlord for rent arrears created by the assessment in the sum of £517,000 the directors sought financial advice from Peter Kubik of UHY, London office,” UHY Hacker Young said.
“It was decided that administration was the most viable option as it allows the business to continue to trade as normal whilst the administrators market the business for sale.”