Benito’s Hat to continue trading despite entering administration

Fri, 03 Apr 2020 | ADMINISTRATION

Fast-casual Mexican food chain Benito’s Hat has entered administration, but four of its locations will continue trading following a pre-packaged sale to DGMP UK.

The chain previously operated eight restaurants in the UK. Site in Bromley, the O2, St Albans and King’s Cross station have been permanently closed. However, sites in Oxford Circus, Covent Garden, Farringdon and Oxford Westgate, which are currently closed in line with government advice, will reopen under the Benito’s Hat brand once it is able to recommence trading.

Administrator Begbies Traynor has said in a statement that it was originally engaged to market Pico’s Limited (which trades as Benito’s Hat) for sale in January 2020. Joint administrators Irvin Cohen and Gary Shankland eventually oversaw the pre-packaged sale of the four locations to newly formed limited company DGMP UK.

The directors of DGMP UK are current Benito’s Hat chief executive Michael Pearson along with Martin Graves, a Subway franchisee and Gabriel Moreno Carrillo.

In its most recent accounts, to the year ending July 22 2018, Pico’s Limited reported fixed assets of £1.8 million, current assets of £677,339 and net assets of close to £1.1 million.

Benito’s Hat was founded by Ben Fordham and Felipe Fuentes Cruz in London in 2008. Fordham stepped back from the business in 2017 and, in September 2019, it entered into a Company Voluntary Arrangement (CVA) in order to renegotiate terms with landlords, having encountered cash flow difficulties.

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