Spudulike stores close as company enters administration

Mon, 05 Aug 2019 | ADMINISTRATION



Spudulike food outlets have closed in locations across the country after the company announced it has entered administration.

All branches of the food chain, which serves oven-baked potatoes with a choice of toppings, have been closed after administrators were appointed at the beginning of the month. All staff members have also been made redundant, having received a letter from the administrators detailing the claims process for any outstanding wages.

Communication from the company's head office has revealed that the firm has been struggling as a result of "financial pressure" in the last couple of years, which has resulted in the chain's management exploring a number of options in an attempt to save the business.

However, repeated failures have now resulted in Neil Bennett and Alex Cadwallader of Leonard Curtis being appointed as joint administrators and tasked with dealing with the next step.

A letter from the company sent to staff members also revealed that the company has previously sought a buyer in
a bid to avoid closing outlets. It read: "Following an unsuccessful attempt to agree a Creditors’ Voluntary Arrangement, this has involved seeking a purchaser for certain profitable locations operated by the business, including your site.

"Unfortunately, we have been unable to conclude for a sale of the business before circumstances have required action to be taken to safeguard the assets of the Companies operating under the Spudulike Group from creditor action."

Spudulike has food outlets across England and Scotland. The first restaurant opened in 1974 in Edinburgh and was transformed into a franchise by the end of the decade.


Share this article



Latest Businesses for Sale

Indian Restaurant
East Midlands, UK

The business has sustained excellent turnover, there is huge scope to grow this with ease. The business is run by current owner managing a competent team of workers. The business is fitted to an excellent standard and has a welcoming atmosphere, ther...

Asking Price: £180,000
Turnover: £370,000

Aparthotel with Restaurant
Gerrards Cross, Buckinghamshire, UK Wide

Freehold or Leasehold (both options available). Well Maintained 7 Bed Apart Hotel. 100 Covers Restaurant. Fully refurbished and well maintained. 5 Star Hygiene. Building Type: Grade II Listed Building. Fully furnished 7 Bed Aparthotel. Offers invited...

Asking Price: £3,000,000
Turnover: £880,000

FREEHOLD


Vegan Restaurant
Hemel Hempstead, Hertfordshire, South East, UK

Bustling location. Contemporary, welcoming premises. Prolific online presence. Unique menu. Team of friendly staff. This is a unique opportunity to take on high end vegan restaurant in Hertfordshire, serving delicious plant-based dishes since 2019. O...

Asking Price: £499,999
Turnover: £336,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

Norwich-based novelty toy retailer Hawkin’s Bazaar has...

 
23
 
Jan
 

MBO at Bristol-based media training firm | MBO/MBI

Mentor Media Training has been acquired by lead consultant D...

 
22
 
Jan
 

Chelmsford warehouse management firm bought by software provider | BUSINESS SALE

Chelmsford-based warehouse management solutions provider Min...

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