Tue, 22 Feb 2011 | ADMINISTRATION
A number of Shakeaway milkshake bars have been rescued out of administration by SPN Acquisitions, a newly created entity. The deal value was undisclosed by the administrators at Begbies Traynor.
Shakeaway, the Bournemouth-based milkshake brand had 55 owned and franchised bars in Britain, with a presence in Cyprus, Abu Dhabi and Australia.
The deal will involve the transferral of ownership of 15 owned bars with 25 franchised bars, according to Begbies Traynor. The bars will continue to trade under the Shakeaway brand name.
The locations of SPN Acquisitions’ newly acquired milkshake bars will include Brighton, Bath, Carlisle, Croydon, Harrow, Plymouth, Reading, Windsor and Southampton.
Administrator Julie Palmer commented, “The downturn in the economy generally and the decline in retail meant the business needed an equity investment to keep trading.”
“This was not available and in view of growing pressure from the landlords, the business was restructured via an immediate sale out of administration to SPN Acquisitions.”
Despite the rent problem, sales have been improving at Shakeaway. Its revenues for the year to June 2010 were £4.6 million, a jump from its June 2009 figure of £3.7 million.
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