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.”
Find businesses for sale here.
If you are looking for an exit, we can help!
An opportunity to acquire this valuable detached freehold property set in its own grounds and car park. The premises are situated in this delightful residential area of Derby - busy main road site with over 11,000 vehicles passing on a daily basis. T...
LEASEHOLD
The business has been established for over 90 years, and under the careful and meticulous ownership of the owner since 2019.Only now is the business being placed on the open market for sale as the owner looks to spend more time with family.
LEASEHOLD
Producer of own-brand healthy snacks and cereals, based in a state-of-the art, purpose-built unit in the west of the West Midlands.
FREEHOLD
|
24
|
|
Jun
|
E-commerce imports retailer up for sale for £1.6m | BUSINESS SALE
Deals Incorporated, a Manchester-based e-commerce retailer t...
|
23
|
|
Jun
|
Auto Trader completes acquisition of Autorama at nearly 16x gross profits | BUSINESS SALE
Auto Trader has completed the acquisition of new vehicle lea...
|
22
|
|
Jun
|
Acquisitive ESG consultancy set to be sold | BUSINESS SALE
An acquisitive environmental and sustainability consultancy ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
03
|
|
Nov
|
Administrators seek buyer for East Midlands fish and chip chain | ADMINISTRATION
A buyer is being sought for popular East Midlands fish and c...
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