Simon Lowes and Ian Defty of CVR Global were appointed joint administrators on 29 July when Pi lacked sufficient funding to continue trading.
The restaurant group was immediately purchased by Blueberri Limited, which lists Pi’s co-founder Jeremy Whaley as a director, securing 27 staff jobs.
Pi was launched by Whaley and his daughter Rosie in Winchester in December 2014, and a second restaurant opened in London’s Battersea in February 2018.
In 2017-18 Pi raised over £500,000 on investor platform Growthdeck ahead of a planned London expansion, but it appears to have stalled. The administrator’s report states that the Battersea site struggled to achieve forecast sales.
“We have all seen evidence of financial difficulties with household brands within the casual dining sector and our appointment as administrators further demonstrates continued pressures within this industry,” says Lowes.
“Attracting customers consistently requires substantial investment in areas such as marketing and product development. With continued investment, Pi Pizza has long term potential as an affordable, artisan pizzeria.”