Hop Vietnamese acquired by founder in accelerated sale

21-Jan-2021 - Last updated on 27-Apr-2021 at 13:09 GMT

Hop Vietnamese has been acquired in an accelerated sales process to a new entity controlled by founder Paul Hopper.

Hopper confirmed to BigHospitality's sister site MCA that Cau Lau Holdings, a newly incorporated company founded by him, had acquired the business, retaining all staff.

FRP Advisory led the process after it become clear that a CVA was not an option, due to the “inflexible stance on rent concessions” taken by Hop’s landlords.

The brand operates five Vietnamese-inspired grab and go outlets in London. It is not yet clear if all sites will be retained as a part of the deal.

In a statement sent to MCA, Hopper said: “Due to the ongoing impact of the covid-19 pandemic we appointed advisors in late 2020 to explore all options for the brand.

”It became clear that unlike many other great brands in our sector, a CVA was not an option due to the inflexible stance on rent concessions taken by several of HOP’s landlords.

”As a result, FRP Advisory led a robust and independent accelerated mergers & acquisitions process in December/January and several bids for the business and/or assets were received.

”Ultimately an offer submitted by Cau Lau Holdings (a newly incorporated company founded by myself) was successful.

”All existing HOP employees will be retained as part of the transaction. I’m really pleased to have agreed a way forward for the HOP brand and our incredible team.

”It was a very painful period for the company but it’s important we now look to the future and I look forward to seeing HOP thrive again soon.”