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Food & Drink Group makes 125 employees redundant

08 August 2008 by

Food & Drink Group has been forced to make 125 of its employees redundant as it seeks buyers for its remaining restaurants and bars.

Administrators BDO Stoy Hayward sold 17 of the firms bars yesterday to the private equity backed Manpoint, safeguarding 300 jobs.

But with 12 sites still up for sale and no buyer, Food & Drink's remaining 125 employees have been made redundant.

BDO Stoy Hayward has now appointed leisure property agent Shelley Sandzer to find buyers for the 12 remaining sites, which include Jamie's Bar on Charlotte Street in London and a number of Puzzle Bars in the City of London and the West End.

Shelley Sandzer will also handle the sale of the Henry J Beans unit in Bristol and the Breakfast Club in Birmingham.

Nick Weir of Shelley Sandzer, said: "We believe that there will be considerable interest in the acquisition of the remaining properties as it's a rare opportunity to acquire either individual or a cluster of key restaurants and bars in good trading locations.

"This is particularly the case in London where licensed premises remain hard to come by."

Shay Bannon, business restructuring partner at BDO Stoy Hayward, said: "A reduction in the amount of disposable income as a result of escalating living costs and household bills have played a role in Food & Drink Group's current difficulties. This has been further compounded by a period of wet weather which has failed to boost sales during the summer."

Food & Drink Group forced into sales after entering administration >>

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By Christopher Walton

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