Fri, 28 Jun 2024 | BUSINESS SALE
Island Poke, a Hawaiian themed restaurant chain with locations in England and France, has been acquired in a pre-pack administration. The sale to IP Topco Limited, a subsidiary of White Rabbits Projects, has secured more than 100 jobs at the London-based chain.
The chain was founded by James Porter, initially trading at street food markets before opening its first site in Soho in 2016. It has since expanded to 16 locations in London, with a further restaurant in Brighton and 10 international locations in France.
Last month, Island Poke reportedly planned to enter a company voluntary arrangement (CVA) in order to restructure the business. However, administrators from Begbies Traynor stated that these efforts had failed.
In a statement, administrators said: “Whilst the CVA had been put to creditors, and was widely supported by them, it became apparent to the directors from daily trading that the forecasts on which the CVA was built were not likely to be deliverable thereby undermining the viability of the proposal which was scheduled to continue for five years.”
“In the circumstances, and in parallel with the CVA procedure, the directors engaged BTG Advisory to run an accelerated marketing campaign with a view to identifying a buyer for the business. Throughout this period, a constant dialogue was maintained with the secured creditor, NatWest, who approved both the appointment and sale by way of a pre-pack administration.”
White Rabbit Projects has backed the chain since 2016. Following its collapse, a spokesperson for White Rabbit Fund confirmed that it has now acquired all of the chain’s assets, including its UK and French restaurants.
Miller, founder and Chief Executive of the White Rabbit Fund, said: “Island Poke possesses a robust underlying business, with its core sites generating profits. However, the company has been hindered by substantial COVID-19-related debts, inflation, and exceptionally inclement weather at the beginning of 2024. The acquisition will empower us to fortify the business, safeguard 104 jobs, and continue operations with our suppliers.”
Read about how 2021 reforms to have impacted pre-pack acquisitions
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