Carluccio’s had debts of £21.8m when administrators were called in to try and save the business, official documents reveal.
The casual dining chain appointed FRP Advisory after cash flow pressures meant it was unable to meet its financial obligations when the government instructed all hospitality businesses to shut at the end of March.
31 of the group’s 70 restaurants have since been snapped up by Boparan Restaurant Group, but the rest have been closed.
Documents published this week show that, as of 21 May 2020, Carluccio’s owed £21.87m to 246 separate entities.
Kitchen equipment and service providers were among the businesses named in the list of creditors, with those owed more than £1,000 including Advance Technical Services (£1,080), Cystaltech Services (£25,475), EPAS (£2,072), Interduct UK (£1,512), Lockhart Catering Equipment (£7,706), Purified Air (£4,972) and Sprint Group (£15,296).
The single biggest creditor was food and drink supplier Reynolds Catering Supplies, which was owed nearly £800,000.
The company’s only secured creditor is Barclay’s, which is owed around £12.4m through a combination of an overdraft and cross-guaranteed loan facilities at the date of administration.
Based on the assumptions made in the administrators’ estimated outcome statement, it is currently expected that there will be insufficient funds available to make a distribution to unsecured creditors.
The document also reveals that 67 parties expressed an interest in acquiring Carluccio’s business and assets from the administrators, but FRP only received three “substantive” offers.
Boparan originally bid £4.5m for 47 sites, but settled for 31 sites and the intellectual property for £3.4m following negotiations.