Wed, 19 May 2021 | BUSINESS SALE
Naveen Handa, a member of the family that owns the Cairn Group, has acquired the brand and intellectual property of the Richoux restaurant chain from administrators. Richoux’s parent company Dining Street, which operated 15 sites and owned other brands including Zintino, Broadwick and Villagio, collapsed in January 2021.
Following the acquisition, Handa plans to develop and expand the Richoux brand in the UK and overseas. Prior to the COVID-19 pandemic, Richoux had been reduced to just a handful of UK locations and, along with Dining Street’s other brands, was then hit by successive enforced closures during lockdown.
Interpath Advisory was appointed as administrator to Dining Street in January and began marketing its brands and assets for sale. Richoux’s former site on Mayfair’s South Audley Street has also been sold to an undisclosed party.
Joint administrator Steve Absolom said: "Since our appointment as administrators, we have been struck by the strong affection held for the Richoux brand by customers and people working across the hospitality industry alike, and so we're delighted to have completed the sale of this iconic brand to Naveen Handa."
Regarding the Mayfair site, Absolom said: “We are also grateful to the landlord of the Mayfair site for agreeing to work closely with us and AG&G, and for providing the vital breathing space necessary to secure this assignment and the re-employment opportunities it may bring.”
The Handa family own the Newcastle-based Cairn Group, which operates hotels and bars. Naveen Handa has previously completed the acquisition of bar and restaurant group East Coast Concepts from administrators and was among the group that acquired Vapiano UK.
Following the acquisition of the Richoux brand, Handa said: “I am delighted to have the opportunity to develop this much loved, century old brand and continue to elevate for the future expansion, both in the UK and globally.”
Interpath Advisory’s Head of Restructuring Will Wright said that the level of interest in Dining Street’s brands indicated that, despite the massive impact of COVID-19 on the UK’s casual dining sector, the easing of lockdown had led to a strong appetite among potential acquirers and investors.
Wright commented: “As restaurants up and down the country start to welcome diners back, we are delighted to have secured these agreements.”
“Indeed, despite these being incredibly tough times for the hospitality industry, the level of interest we have received for the Dining Street group’s business throughout the administration has been extremely positive, underlying the strong appetite from operators to provide quality casual dining experiences to consumers as we emerge from the COVID-19 crisis.”
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