Wed, 27 Jun 2012 | ADMINISTRATION
Town Centre Restaurants, the firm behind Café Giardino, the Auberge restaurants and Azzuro bars, has been bought in a pre-pack administration.
The restaurant operator, which runs its branded outlets in shopping centres, brought in administrators from Zolfo Cooper after it was decided that the firm could not pay its debts in a strategic review.
Options explored in the review included possible new investment to assist in improving its performance. News reports stated that for the year to 30 January 2011 Town Centre Restaurants reported a £5.98 million pre-tax loss, with a fallen revenue figure of £21.4 million.
Now 22 of the firm’s 38 outlets have been purchased by a newly created company established by the existing management and headed by chief executive Mark Winter. The deal is backed by its lender Clydesdale.
The restaurant operator ran over 50 eateries at its height, with two in The Glades in Bromley and three at the Lakeside shopping centre in Essex.
Town Centre Restaurants was established in 1992 from one Café Giardino in Bromley, offering freshly prepared breakfasts, baked potatoes, salads and pasta.
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