Burger brand Hub Box bought out of administration
The business has been acquired by South West Restaurants, which is led by Hub Box founder Richard Boon.
The deal will enable all of Hub Box’s 10 restaurants, which are predominantly based across the south west of England in Truro, St Ives, Pentewan, Falmouth, Exeter, Cardiff, Cheltenham, Dorchester, Taunton and Portsmouth, to continue to trade, with all of the company’s 300 staff transferring over as part of the deal.
Hub Box was founded in St Ives, Cornwall, in 2003 and grew to 12 sites but more recently has struggled with the rising costs of food, energy, and labour.
It had been working with Interpath Advisory to explore investment options that could support its operations and potential future expansion. Steve Absolom and Will Wright from Interpath Advisory were appointed joint administrators of the business on 11 July.
“Hub Box has grown a loyal customer base in the South West but, like many other casual dining operators, has been hit hard in recent years by high cost inflation,” says Sam Birchall, head of Special Situations at Interpath Advisory.
“We’re pleased to have secured this transaction which safeguards the future of the brand and which, importantly, preserves employment for 300 staff. We wish all at the company the best for the future.”
