The business and assets of Dirtybird Restaurants, which traded as Bird Restaurants, have been sold by administrators
Joint Administrators Andrew Pear and Michael Solomons of BM Advisory have announced the conclusion of the sale to Inspirational Bar & Restaurants Management Limited.
Bird Restaurants, which specialises in fried chicken, had five sites across London, in Canary Wharf, Camden, Islington, Shorditch and Westfield.
Financial pressures, exacerbated by difficult trading conditions across the industry and an unsuccessful refinancing process, led the directors of the company to seek professional advice earlier in the year, before it was placed in administration on 12 August.
Immediately following their appointment, the joint administrators completed the sale of the business and assets to Inspirational Bar & Restaurants Management Limited.
Andrew Pear said: “The restaurant sector has, in recent years, experienced a significant downturn in trading conditions as a result of ongoing political and economic uncertainly.
“The funding market for small and medium sized businesses in the sector has narrowed, and the knock-on effects of this resulted in the company experiencing cashflow difficulties and, ultimately, insolvency.”
“We are very pleased to have concluded a sale of the business and assets in short order, maximising realisations whilst preserving the business and therefore the employment of the majority of employees. We wish the business every success in the future.”
As part of the deal, the group’s Shoreditch restaurant closed on 12 August, when administrator BM Advisory was appointed.