Spudulike has closed its 37 outlets resulting in almost 300 redundancies after a buyer could not be found for the high street chain.
Joint administrators Neil Bennett and Alex Cadwallader from Leonard Curtis confirmed the closures following a last-minute withdrawal of a perspective buyer for the business.
The group had earlier pursued a Company Voluntary Arrangement (CVA), but this was rejected by creditors.
Bennett said: “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.
“Sadly a sale of the business and assets of the group on a going concern basis did not prove possible, following the last minute withdrawal of an offer that was close to completion.
“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 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.”
The first Spudulike was opened in Edinburgh in 1974 serving baked potatoes with a wide variety of fillings.