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Gourmet Restaurants rescued from administration

19 January 2009 by
Gourmet Restaurants rescued from administration

The future of Indian restaurant chains Tiffinbites, Vama and Bombay Bicycle Club has been secured after parent company Gourmet Restaurants was rescued from administration.

After Chantrey Vellacott DFK was appointed as administrator of Gourmet Restaurants group on Friday (16 January), investment vehicle V8 Gourmet stepped in to save the company.

More than 400 jobs across the group have been saved, but Jamal Hirani, the founder of Tiffinbites - who struck the deal to buy Vama and Bombay Bicycle Club just seven months ago - has left the company.

Arjun and Andy Varma, the founders of Vama, will be remaining at the company and have joined V8 Gourmet's management team.

In a statement, the administrator said: "It is regrettable that there may be losses by creditors, however the businesses and the livelihoods of over 400 employees has been safeguarded.

"V8 Gourmet will look to exploit its well established brands by pursuing expansion opportunities in the UK and overseas. Despite the downturn in the economy, management expect performance of the businesses to be satisfactory."

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By Daniel Thomas

E-mail your comments to Daniel Thomas here.

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