Abokado has been sold in a pre-pack administration to Montway Holdings, which lists the nutritional food-to-go chain’s founder Mark Lilley as its sole director.
The chain was a victim of the lockdown as none of its 19 London-based stores have reopened following the closure of the hospitality sector in March.
Administrators Duff & Phelps were called in earlier this month to oversee its sale. 150 staff have been made redundant.
Mr Lilley was quoted as saying: “Unfortunately, in light of the continued uncertainty, the accumulating liabilities and the existing leasehold structures, it was impossible to secure sufficient investment to reopen the business.
“However, for a business such as Abokado, which is entirely dependent on London’s office community, the overnight shift to working from home and the emptying out of central London has been simply devastating.”
A new investment group is understood to be backing the business, but Mr Lilley stopped short of stating when Abokado might open its stores again.
“Our hope is for the Abokado brand to re-emerge at some point in the future and in turn to create employment, to once again be a well-loved amenity for London’s workforce and to continue doing good within the community,” he commented.