Mystery buyer swoops on in-administration V8 Gourmet

11 July 2011 by
Mystery buyer swoops on in-administration V8 Gourmet

A mystery buyer has bought V8 Gourmet Group - owner of Indian restaurant chain Bombay Bicycle Club and Tiffinbites.

The buyer bought 100% of the share capital in the business, which was at one time 30% owned by Bollywood actress and Big Brother star Shilpa Shetty.

London-based turnaround specialist Re10, which brokered the deal late last month, also declined to reveal how much the troubled firm had changed hands for.

The deal, which included all trading sites as well as the concessions in Harrods and Selfridges, sees the group continue to trade and has secured the future of 264 employees, according to Re10.

Joint administrator Nimish Patel said: "From the time Re10 was appointed as administrator on 13 June, our prime concern was to secure the future of the business, including its 264 members of staff, which we thankfully did, just 10 days later".

The V8 Gourmet Group owned and operated the restaurant chains Bombay Bicycle Club, Tiffinbites, the restaurant and catering chain VAMA, as well as the airline catering arm Khana by VAMA and Silk Events.

The group acquired the Tiffinbites, Vama and Bombay Bicycle brands at the start of 2009 when it rescued Gourmet Restaurants from administration. Its most recent accounts filed at Companies House show that in 2009 it made a pre-tax loss of £2.6m, with sales of £10.4m.

V8 Gourmet collapses into administration >>

Gourmet Restaurants rescued from administration >>

Bollywood actress Shilpa Shetty buys 33% stake in V8 Gourmet Holdings >>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to jobs

Looking for a new job? Find your next job here with jobs

[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking