Wed, 07 Jul 2021 | BUSINESS SALE
South west-based café chain Friska has fallen into administration due to the impact of COVID-19, with the business subsequently being sold to a third party. Friska had been implementing a growth strategy prior to the onset of COVID-19, however this was subsequently derailed by the pandemic's massive impact on the hospitality sector.
The company subsequently entered a CVA in October 2020, through which it planned to exit its operations in Manchester and refocus on Bristol, while renegotiating rental terms with landlords. According to administrators Mazars, the CVA had enabled the business to restructure, but COVID-19 continued to impact operations.
The business continued to struggle as a result of enforced closures during lockdowns, as well as reduced footfall due to factors such as fewer people going out shopping and more employees working from home.
Mark Boughey and Tim Ball of Mazars were appointed as joint administrators on Monday July 5 and subsequently agreed a sale of the chain. The deal will see a third party acquire Friska’s brand and goodwill, as well as the assets of five of its eight sites. 35 staff will transfer as part of the acquisition.
Two of the Friska’s remaining Bristol locations have been acquired by founders Griff Holland and Ed Brown, who will operate them under a new brand name to be announced in due course.
Joint administrator Mark Boughey said: “The joint administrators are pleased to announce that a sale of the business and assets has now been completed.”
“Whilst the hospitality and retail sector continues to experience challenges, due to COVID, we hope that the government’s recent announcement and the lifting of restrictions on July 19 will enable the business to re-open and thrive under new ownership, safeguard the jobs of employees and retain tenants for local landlords.”
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