Restaurant group the Handmade Burger Co has been sold out of administration to an undisclosed buyer.
Earlier this month Paul Masters, Conrad Beighton and Julien Irving of Leonard Curtis Recovery were appointed joint administrators of the Sargeant Partnership and Hand Made Burger Company, which operated as one business under the name Handmade Burger Co, run by the Birmingham-based Sargeant family.
Nine restaurants were closed at the time of the administration, while the group's 20 remaining outlets are continuing to operate and remaining 530 jobs safeguarded.
The sites which will remain open include: Brindleyplace, Birmingham; Bullring, Birmingham; Solihull; Meadowhall, Sheffield; Valley Centertainment, Sheffield; Aberdeen; Silverburn, Glasgow; Kingston upon Hull; Lincoln; Ocean Terminal, Edinburgh; Reading; Bath; Bournemouth; Leicester; Leeds; Wembley; Manchester Deansgate; St. Vincent Street, Glasgow; Southampton; and Peterborough.
The joint administrators hoped to seek approval from the companies' creditors for a Company Voluntary Arrangement (CVA), an agreement between a company and its creditors regarding repayment of all or part of its debts over an agreed period of time, with a sale the next resort.
Irving said: "Since our appointment on 6 July we have worked hard to secure the most favourable outcome for all creditors. Despite being unable to propose a CVA, we have since managed to secure a buyer for the business and are delighted that this positive outcome has been achieved."
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