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.
View the latest distressed UK businesses here.
Discover a charming roadside inn for sale in the picturesque Lake District, offering a unique business opportunity in a popular tourist destination.
Unique opportunity to acquire a rarely available freehouse located north of Oxford, ideal for those looking to enter or expand within the hospitality industry.
FREEHOLD
This is an exciting opportunity to acquire a substantial pub/restaurant set on 1.2 acres in picturesque North Norfolk.
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
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.