Restaurant chain Chicago Rib Shack has been sold out of a pre-pack administration, retaining four sites in London and Leeds.
The company said the move saved 72 jobs. The three sites that have stayed open include one in Westfield Stratford City in London, one in Clapham in London, one in Trinity Kitchen in Leeds, and one in Aldgate East in London.
Last year the business was up to six sites, but a site in Camden has since closed and another in Twickenham was included in the administration but is currently marked as “closed for refurbishment”.
All 72 staff have transferred to Rib Shack Holdings Ltd under the deal.
Andrew Hosking and Simon Bonney, partners in the London office of administrator Quantuma, were appointed on 28 July.
Andrew Hosking said: “There was insufficient working capital and no prospect of persuading new funding. The decision to appoint administrators was taken to allow medium term trading to continue in order that the business and assets could be exposed thoroughly to the market.
“We are pleased we have been able to effect a very quick sale to Rib Shack Holdings Ltd and save 72 jobs, all without any significant disruption trading.”
Chicago Rib Shack Ltd was founded in 2010 and had an annual turnover of over £4m in its last reported financial year.
The Chicago Rib Shack brand dates back to the early 1980s, having first launched in 1982 in Knightsbridge when it was owned and operated by My Kinda Town. It sold the restaurant to Capital Radio in 1996 but closed when its lease expired in 1999.
The brand was resurrected in 2008 under CRS Leisure. Taken over by chief executive Christian Arden in 2010, it then saw investment in 2013 by Rockpool Investments, headed by Nicola Horlick.
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