Little Chef enters administration then sold
Little Chef sold in pre-pack deal by administrators
The majority of Little
Chef restaurants have been sold on the day the company went into
administration.
PricewaterhouseCoopers partners Ian Green and Steve Ellis were appointed
today as administrators of Little Chef and parent company People’s Restaurant
Group.
The administrators completed sale of 196 of 235 Little Chefs to a newly
formed company funded by turnaround specialists
R Capital
Limited .
Green said: ‘While it is clearly disappointing that the directors’ efforts to
save the group ultimately proved unsuccessful, I am delighted that detailed
negotiations held over the Christmas and New Year period by the directors and
their advisors, including DLA Piper, have enabled us to conclude a sale that
will see almost 200 Little Chef restaurants continue to trade and preserve the
jobs of the majority of the Group’s 4,000 employees.
The Little Chef brand will continue to exist.
The joint administrators will review the future of the restaurants not
included in the sale over the course of the next few days.
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