Tue, 18 Oct 2022 | ADMINISTRATION
A vegan burger chain with restaurants in Manchester and Liverpool has fallen into administration after being hit by issues including rising costs and labour shortages. Frost Burgers ceased trading last month and administrators will now seek buyers for the firm’s leases and assets, which include ready-made commercial kitchens.
Frost Burgers was founded in 2018 by social media influencer Monami Frost and offered an entirely plant-based menu, including burgers, fries, milkshakes and a range of sides. The company reported turnover of £515,811 in 2021 and had £137,427 in fixed assets and £3,278 in current assets.
However, the company ultimately succumbed to the range of pressures currently impacting the UK’s restaurant industry and wider hospitality sector and appointed Paul Stanley and Jason Greenhalgh of Begbies Traynor as joint administrators on October 7 2022.
A recent Red Flag Alert from Begbies Traynor stated that 1,961 restaurants and bars across the North West were operating under significant financial distress. Joint administrator and Begbies Traynor North West Regional Managing Partner Paul Stanley has warned that more restaurants are likely to enter administration over the coming months.
Paul Stanley said: "Despite gaining an excellent reputation, Frost Burgers has become just one of the many businesses within the hospitality sector that have experienced financial distress. Restaurants in particular, are struggling to afford raw ingredients and many are struggling with their energy bills."
"The hospitality sector is also taking a huge hit from labour shortages as well as debts accrued over lockdowns, including bounce back loans. It is likely that more restaurants will find themselves in a similar position as we progress towards the end of 2022."
Find out more about growing your business through distressed acquisitions.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
The concept allows the user to cook meat, fish and vegetables live at the table and can be tailored for any type of cuisine, appealing to almost any style of restaurant and home consumers who enjoy food as an experience. Products are used by many of...
The business trade is known for its recipes and traditional pies, fish, bangers and burgers. A fantastic investment opportunity either for a property investor looking to lease the premises for a rental return, or for an owner / operator wishing to ow...
The lounge occupies an excellent location in Manchester city centre, bordering the Northern Quarter and is surrounded by many bars, shops, eateries, hotels & offices. The business also benefits from very high levels pf passing trade.
Long-standing retail display firm acquired out of administration | BUSINESS SALE
Manchester-based retail display specialist Axiom Marketing S...
Logistics group completes 23rd acquisition since 2015 | BUSINESS SALE
Logistics firm EFS Global has continued its acquisitive grow...
UK IT specialist acquired by New York workforce management group | BUSINESS SALE
Gibbs Hybrid, a UK-based IT and business services firm, has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.