Wed, 01 Apr 2020 | ADMINISTRATION
Sheffield-based cafe chain Massarella Gelaterie Ltd has been placed into administration by its parent company, leading to the closure of its 32 outlets.
All 32 outlets operated in House of Fraser stores, employing 340 staff. Director Daniella Massarella confirmed that the administration followed the cafes’ closure on March 20, under government guidelines.
Andrew Nichols and John Butler of Redman Nichols Butler have been appointed joint administrators for the business, with a spokesperson saying: "Regrettably due to the current health and economic crisis, Massarella Catering Group Ltd was left with no other option other than to appoint administrators over Massarella Gelaterie Ltd.”
In its most recent accounts, for the year ending December 31 2018, Massarella Gelaterie Ltd declared turnover of £13.7 million, down from £15.1 million for the year prior. At that time, the company had current assets of £1.75 million, down from close to £3.75 million the year before.
The administrators confirmed that parent company Massarella Catering Group Ltd and its remaining subsidiaries would be unaffected by the administration.
Massarella Catering Group is a family run business that traces its origins to an ice cream business founded in 1864 by Italian émigrés to Sheffield. Prior to the coronavirus epidemic, the group operated over 120 cafes and restaurants throughout the UK. Its other brands include Cafe Zest, Angelica’s Tea and Cake and Caffe Botanico.
View the latest distressed UK businesses here.
Probably one of the most fortunate, well-presented bar & restaurant’s in East Yorkshire. Very well established, the property offers over 150 covers inside with a capacity of 250.
LEASEHOLD
A successful well-established village pub in Smarden, a highly sought-after village near Ashford. The property could also be converted into a very large grand house or three separate dwellings, subject to a successful change of use application, with...
With one of the finest, enclosed, beer gardens, which also offer outside dining throughout the year. The property could also be converted into one or two idyllic cottages, subject to a successful change of use application, with a GDV over £600k.
LEASEHOLD
18
|
Mar
|
Utilities group Beauparc acquires Sheffield waste management firm | BUSINESS SALE
Beauparc, a Dublin-headquartered utilities provider, has acq...
18
|
Mar
|
Derbyshire flag printing firm set to fall into administration | ADMINISTRATION
A Derbyshire-headquartered flag printing and branding busine...
18
|
Mar
|
Rescue deal saves Blackburn custom clothing firm | BUSINESS SALE
A Blackburn-based custom clothing company that fell into adm...
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
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.