The group, which also trades under Fat Jackets and is run by entrepreneur Tony Schlesinger, had tried to restructure its rents and downsize its portfolio via a company voluntary arrangement (CVA) earlier this year.
However, landlords refused the heavy cuts, which according to The Guardian included slashing rents to as little as 10% of turnover and offering a business rates holiday in order to keep Spudulike afloat.
Joint administrators Neil Bennett and Alex Cadwallader from Leonard Curtis released a statement this morning (5 August) confirming that the group had collapsed following a last-minute offer withdrawal by a prospective purchaser.
“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,” says Bennett.
“We had to act quickly once the prospect of a going concern sale fell away to safeguard the assets of the Companies operating under the Spudulike Group. We worked with the Group’s management team and staff in all outlets on Friday [2 August] to effect as smooth a closure as possible at very short notice.
“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 opened its first outlet in Edinburgh in 1974, and was particularly popular in the 1980s and 1990s.
Other restaurants that have sought to downsize via a CVA in recent years include Carluccio’s, Ed’s Easy Diner and Jamie’s Italian, the latter of which closed earlier this year after the collapse of Jamie Oliver’s UK restaurant group.
