Thali Cafe restaurants bought out of administration
BigHospitality's sister site MCA reports that the company, which currently operates five sites in Bristol, was placed into administration earlier this year after the closure of its Oxford site.
BDO was subsequently appointed as administrators to Bristol Thali Company Ltd, one the main companies linked to the five-strong restaurant group.
A total of 11 potential trade and private equity buyers originally showed an interest in the business, with five parties requesting further information.
The process generated one “deliverable buyer” which offered in excess of the agent’s valuation of the business.
The closed site in Oxford’s George Street, which opened last year, was the brand’s first outside Bristol and was meant to be a springboard for further openings nationally.
However, delays in opening the site and an “extremely challenging trading environment” led to its closure, leading to significant closure costs.
It is thought that founder Jim Pizer has now left the business.
Thali Café raised £800,000 in private investment in 2017, which it said it had matched with borrowing, and planned to self-fund two openings a year after the next four.
The company currently operates sites in Bristol’s Southville, Easton, Montpelier, Totterdown and Clifton areas.
To subscribe to MCA's newsletter, click here.
