Mexican brand Benito’s Hat will commence trading once the coronavirus pandemic is over after a new owner came forward to buy four of its sites following the collapse of an earlier deal with another party.
Restructuring firm Begbies Traynor were engaged in late January 2020 to assist with marketing Pico’s Limited – which traded as Benito’s Hat – for sale.
A transaction was provisionally agreed in respect of three of the restaurants to one buyer, and an agreement was reached with another buyer in respect of a proposed sale of one of the other restaurants.
While trade had ceased from the remaining four restaurants, as a result of the impact of Covid-19 on the restaurant industry, Pico’s Limited had no option but to cease trading at all stores.
Notwithstanding this, a sale of the business and assets at four of the restaurants – Covent Garden, Oxford Circus, Farringdon and Oxford Westgate – was achieved and completed by way of a pre-packaged sale to a new company.
The new owner intends to begin trading from the four sites, as Benito’s, once the restaurant industry is able to recommence work.
The four restaurants at the O2, Kings Cross, Bromley and St Albans, have all closed.