Mon, 20 Dec 2021 | BUSINESS SALE
East Midlands fish and chip chain George’s Tradition has been acquired out of administration by its management team. The acquisition will see the operation of the chain’s six takeaways taken over by the newly-formed George’s Tradition Group Limited (GTGL).
George’s Tradition fell into administration in November as a result of historic debts related to the launch of a restaurant chain, which it subsequently exited. The company continued to operate as normal while administrators from FRP Advisory sought a buyer.
George’s Tradition (Belper) Limited, which operated the Belper restaurant and takeaway, also entered administration at the same time. Meanwhile, two further restaurants in Leek and Loughborough that operate under the George’s Tradition brand are owned by a separate entity and were unaffected by the administration.
The new owners will now take over the company’s six takeaway sites in Nottinghamshire and Derbyshire, with shops in Allestree, Chellaston, Chilwell, Ilkeston, Long Eaton and West Bridgford. The Thorn Tree pub in Woodlinkin, which had been part of the George’s Tradition chain, was not involved in the deal and a buyer will continue to be sought.
A spokesperson for the new owners said in a social media statement: “We are pleased to announce that a team of its senior managers has brought George's Tradition, all of whom have a wealth of experience in the business and respect for the George's brand. This means that we will continue to provide the same great tasting fish and chips using George's unique recipe batter, potatoes that are grown just for us, and our numerous own recipe products.”
GTGL CEO Nick Hogan commented: “It’s fantastic that the business is out of its period of uncertainty, has financial stability, and we can now concentrate purely on providing the best service possible. I was delighted to share this news with our incredible staff before Christmas. They have shown total commitment to the business over the last few months and are an amazing group of people.”
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Landmark restaurant occupying a prime trading position fronting onto this major ‘a’ road through an affluent and much sought after village with circa 12,500 vehicles passing on a daily basis (source roadtraffic.dft.gov.uk).
LEASEHOLD
This is a highly rated independently owned coffee shop in the North West. The business was established by the owners in 2020, building up an excellent reputations and repeat client bases.
LEASEHOLD
This is a superb takeaway business opportunity, enjoying high weekly sales and delivering very strong profits.
LEASEHOLD
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