The administrators of a vegan dining chain that spearheaded a food trend in London have instructed CAPA to audit the business.
CAPA will be undertaking a rates audit at sites run by TOS Realisations – a business that traded as Temple of Seitan at various London sites and specialised in catering to junk food-loving vegans.
The business rapidly gained mythic status in London boroughs, gaining long queues outside its restaurants, as the capital’s only dining chain selling vegan-friendly burgers, wings and fries. The company doubled staff numbers in two years, from 30 to more than 60, after launching in 2016.
But this same rapid growth led to financial problems for the business as costs soared, cash flow problems ensued and debts accrued to creditors. Ultimately, Situl Raithatha and Deviesh Raikundalia, of the business rescue and restructuring firm Springfields Advisory, were appointed as joint administrators on April 4 2019.
The administrators managed to sell the business and its assets to Temple Foods Group, via a pre-pack sale, soon after their appointment.
They have now instructed CAPA to undertake the rates audit, meaning CAPA’s Audit team will use bespoke software for a forensic analysis of business rates paid to local authorities across all Temple of Seitan’s outlets.
The team will look to uncover any errors, before recovering any overpayments for the restaurant chain’s creditors.
