Smollensky's restaurants sold through pre-pack
Restaurant chain 'saved from liquidation' through a pre-pack administration
Kroll administrators have sold south-east restaurant chain Smollensky’s
through a pre-pack administration.
Smollensky’s was bought by investors Octopus and placed within the Grill
Group of restaurant chains, headed up by Paul Lilley.
Lilley has previously led turnarounds on Aberdeen Angus Steakhouse, and also
operates Le Frog Bistros
‘We are delighted to have secured the acquisition of Smollensky’s, with
Octopus as our new investment partner,’ said Lilley.
‘We now have a group of fantastic London sites and big plans for improvements
to the customer experience at Smollensky’s.’
Octopus director Alistair brew said ‘no-one’ would have bought Smollensky’s
under its previous debt burden, and creditors received a better return through
the pre-pack than they would have if Smollensky’s had been liquidated.