UK restaurant chains are circling key sites owned by Red Hot World Buffet after the group indicated that it is set to enter administration.
Bolton-based Passepartout Ltd, which owns the all-you-can-eat chain’s five branches in the UK, has appointed FRP Advisory as the administrator.
The business will continue to trade as normal while all options are considered, but rival chains are understood to have already tabled bids for certain sites.
According to the Manchester Evening News, minutes from a board meeting discussing the application for administration reveal that financial difficulties have left the company unable to pay its debts.
A spokesman said: “A number of offers for sites have been received from trade competitors and these are currently being considered by FRP Advisory and the group. The group continues to trade as normal with the support of its loyal employees across the Red Hot World Buffet operations.
“The group has an attractive portfolio of A3 restaurant sites in Manchester, Leeds, Liverpool, Leicester and Cardiff and the group looks forward to working with FRP Advisory.”