BusinessBusiness RecoveryLuxury Thai restaurants enter administration

Luxury Thai restaurants enter administration

Top Thai restaurants hit debt wall and call in administrators

A London-based luxury Thai restaurant chain has entered into administration
due to debt problems.

Administrators from
Menzies
Corporate Restructuring
were appointed to the
Saran Rom
and Siam food Gallery restaurants in Virginia Water, Esher and Chelsea.

The restaurants turnover about £600,000 a year each, and administrators hope
to sell them as going concerns.

‘It would appear that the business has hit financial difficulties due to
over-gearing but we’re hopeful that a buyer, perhaps someone already looking to
expand in the restaurant sector, can be found. No jobs will be affected whilst
we continue to trade the business,’ said joint administrator Andrew Stoneman.

Further reading:

Farepak victims yet to be
paid

Firms expect 10% jump in
insolvencies

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