Baked potato fast food chain Spudulike has become the latest casualty in the demise of high street restaurants, shutting all its 37 stores after collapsing into administration earlier this week.
The casual dining group unsuccessfully tried to restructure using a CVA last month, but plans were voted down by creditors and a prospective buyer pulled out of a deal to purchase the company at the last minute, resulting in the appointment of administrators last Friday.
A total of 298 employees have been made redundant, without back pay or holiday pay according to reports from The Guardian.
Neil Bennett and Alex Cadwallader from Leonard Curtis Business Solutions will now seek buyers for the group’s remaining assets.
Bennett said: “We are very disappointed with the outcome after working for several weeks firstly preparing a CVA proposal, which was rejected by the group’s creditors, and subsequently pursuing the sale of all or part of the group’s business and assets with a number of prospective purchasers.
“Sadly a sale of the business and assets of the group on a going concern basis did not prove possible, following the last minute withdrawal of an offer that was close to completion.”
Bennett added: “We are now focusing on seeking any interest in the group’s remaining assets whilst managing the impact of the closures on former employees, helping them prepare and submit claims for any arrears of wages, statutory notice entitlement and redundancy pay.”
Spudulike was a restaurant chain and franchise specialising in baked potatoes that first opened in Edinburgh in 1974, founded by David and Barbara Leggate with partner Kim Culley.