One of the UK’s largest casual dining operators has filed its intent to appoint administrators at the High Court.
Casual Dining Group – which runs 300 restaurants – said the move will give it 10 days breathing space to consider “all options” for restructuring, according to the BBC.
The company, which owns Cafe Rouge, Bella Italia and Las Iguanas, employs 6,000 people in the UK.
Earlier on Monday, Casual Dining Group said it had begun working with corporate finance firm AlixPartners over a potential restructuring programme.
A spokesperson for the business said: “As is widely acknowledged, this is an unprecedented situation for our industry and, like many other companies across the UK, the directors of Casual Dining Group are working closely with our advisers as we consider our next steps.
“These notifications are a prudent measure in light of the company’s position and the wider situation.”
The notice of intent to appoint administrators gives the firm 10 days to put a restructuring plan into place.
After that period has expired, it could let the notice lapse if a viable restructuring plan is drawn up.
However, if that doesn’t happen it would need to either ask for another 10 days to come up with one, or it could appoint administrators for the business.
The company remains under pressure following the closure of its restaurants at the end of March to comply with lockdown measures.