As expected, restaurant chain Carluccio’s has gone into administration.
Directors of the group, which has branches in Fenwick and St Helen’s Square, called in the administrators “after a sustained period of challenging trading conditions, which have been exacerbated by Covid-19 and the broader issues currently facing the UK’s retail and hospitality sector,” a statement released today (Monday, 30 March) said.
“This meant the company faced significant cashflow pressures and as a result was ultimately unable to meet its financial obligations as they were due.”
We reported two days ago that Carluccio’s was on the brink of collapse.
Geoff Rowley and Phil Reynolds, partners at specialist business advisory firm FRP, have been appointed administrators.
They said their primary job “is the rescue of the company”. They are exploring the opportunity to mothball the business utilising government support, as well as speaking to interested parties regarding the sale of all or parts of the business
Mr Rowley said they will access the Coronavirus Job Retention Scheme to furlough the majority of the company’s 2,000 employees whilst they assess all available options.
“As this fast-moving situation progresses we will remain in regular communication with all employees and key stakeholders, and will provide a further update in due course,” he said.
Interested parties should contact: [email protected]. The chain has 71 restaurants and delis across the UK.