Red Hot World Buffet owner serves up administration notice

Mon, 27 Jun 2016 | ADMINISTRATION

The owner of UK restaurant chain Red Hot World Buffet has indicated that the distressed business is to enter administration.

Bolton-based Red Hot World Buffet owner Passepartout Ltd has officially applied to the High Court, asking to be placed into administration, signalling that it has been unable to pay its creditors for outstanding debts. As a result, insolvency companies have been asked to consider helping the organisation restructure its finances and to find possible solutions for the future of the business.

Passepartout Ltd owns five Red Hot World Buffet restaurants in Cardiff, Leeds, Leicester, Liverpool and Manchester. However, the group suffered a blow when its reputation was damaged after the Liverpool restaurant was forced to close temporarily due to hygiene issues caused by mice. Its finances have suffered as a result. A recent board meeting then revealed that the company is no longer able to pay its debts.

The minutes revealed the full picture: “The chairman reported that the meeting had been convened in light of the company’s current financial position, details of which have been minuted at previous board meetings. In light of the company’s current financial position, the directors concluded that the company is unable to pay its debts.”

A spokesperson for an insolvency company called in by Passepartout Ltd said: “A number of offers for sites have been received from trade competitors and these are currently being considered. The group continues to trade as normal with the support of its loyal employees across the Red Hot World Buffet operations.”

The spokesperson went on to add that the company boasts a portfolio of A3 restaurants that would be very appealing for buyers looking to expand their businesses. Insolvency group FRP Advisory is currently fielding interest from potential buyers.

Find more restaurants for sale.


Share this article



Latest Businesses for Sale

Recruitment Agency (Fast Sale)
North West, UK

Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...

Asking Price: Offers Invited
Turnover: £2,400,000

LEASEHOLD


Commercial Contractor (Fast Sale)
Midlands, UK Wide

Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.

Asking Price: Offers Invited
Turnover: £3,400,000

Hospitality Industry Recruitment Specialist
UK Wide

Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....

Asking Price: Offers Invited
Turnover: £3,500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources