Wed, 07 May 2025 | BUSINESS SALE
A hospitality business that operated a number of Gino D’Acampo-branded restaurants has been sold out of administration in a £5 million rescue deal. Upmarket Leisure had reportedly struggled with spiralling debts, culminating in a winding-up petition being issued by HMRC in March following a failed attempt to sell the business.
The company engaged Dean Watson of Begbies Traynor to assist in securing its future, resulting in him being appointed joint administrator with Paul Stanley. A pre-pack sale was subsequently completed on April 30, securing the future of the company and all 400 jobs.
Upmarket Leisure operated several Gino D’Acampo-branded restaurants, including Luciano by Gino D’Acampo in London, as well as sites in Manchester, Liverpool, Newcastle and Leeds.
The group, which has turnover of around £20 million, previously operated under the name Gino D’Acampo Hotels and Leisure before rebranding in 2023. Despite the links to the celebrity chef, D’Acampo stepped down as a person with significant control of the business in 2021.
Discussing how the group had been impacted by challenges facing the wider hospitality sector, joint administrator and Begbies Traynor partner Dean Watson said: "The UK’s leisure and hospitality sector continues to face significant headwinds as it drives towards success. The impact of rising labour, operational and food costs, labour shortages and changes in consumer behaviour are proving challenging for many businesses in the sector and some will need restructuring.”
"Unfortunately, this company was unable to survive these challenges and the best course of action to preserve the company and jobs was a pre-pack administration. By securing the sale of the business and its assets, we are pleased to have preserved the jobs of all 400 employees and secured a future for the business.”
Watson added that the “very well-recognised" restaurant group would be able to continue under its existing brand following the sale.
Despite tentative economic improvements during 2024 and 2025, UK hospitality businesses still face major headwinds, with more than one in 10 UK restaurants reportedly at risk of insolvency.
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