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!
Explore the opportunity to acquire a renowned chain of 7 Thai restaurants, strategically located across London and the South East, boasting impressive turnover exceeding £10m.
LEASEHOLD
This is an exceptional opportunity to acquire a well-established group of family-run Italian restaurants with a strong local reputation in the West of Scotland.
FREEHOLD
This well-established Chinese restaurant in Birmingham offers a unique dining experience with its fresh take on traditional dishes, enhanced by an alcohol licence and seating for 105.
LEASEHOLD
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.