Spudulike latest casual dining casualty
Baked potato fast food chain Spudulike has collapsed after a pre-pack sale of the 45-year old business fell through, resulting in the loss of 300 jobs
6 Aug 2019
Joint administrators Neil Bennett and Alex Cadwallader, from Leonard Curtis business solutions group, have confirmed that a last minute withdrawal by a prospective purchaser from a pre-packaged sale of the Spudulike group of companies has resulted in all 37 of the group’s outlets, plus its head office, being closed and all 298 employees being made redundant with immediate effect.
Neil Bennett, director at Leonard Curtis, said: ‘We are very disappointed with the outcome after working for several weeks firstly preparing a CVA proposal, which was rejected by the group’s creditors, and subsequently pursuing the sale of all or part of the group’s business and assets with a number of prospective purchasers.
‘Sadly a sale of the business and assets of the group on a going concern basis did not prove possible, following the last minute withdrawal of an offer that was close to completion.’
Bennett said the joint administrators are now focusing on seeking any interest in the group’s remaining assets whilst managing the impact of the closures on former employees.
The Spudulike Group operated three trading companies: T&G Fast Food Developments Ltd, Courts Quality Foods Ltd and Spud-U-Like Ltd. The company was founded in Edinburgh in 1974.
Pat Sweet | 06-08-2019