Cashflow problems push burger chain into administration

A New York-themed burger chain present throughout Yorkshire has closed four of its sites after falling into administration. A fifth site, in Darlington, has been saved following a pre-pack sale.

Companies House records show that Joanne Hammond and Claire Dowson of Begbies Traynor’s Sheffield office were appointed as joint administrators of NYC Partnership Ltd at the end of last month.

NYC Partnership operated the burger restaurants under the NYC Bar & Grill brand.

According to business website Insider Media, it had expanded rapidly in the previous 18 months, and obtained funding to support its growth. However, it encountered problems when the opening of the Darlington site was delayed by three months, which significantly impacted cashflow.

Sites in Bawtry, Stocksbridge, Doncaster and Hull were closed and the staff made redundant prior to the company calling in administrators.

Following the appointment, a pre-pack sale of the business and assets of NYC Partnership was completed.

This enabled the Darlington venue to remain operational, with 15 staff transferred to the purchaser.

NYC Partnership was founded by Lee Edwards.

Authors

HAVE YOUR SAY...

*

Related posts

Top