Administrators who rescued a restaurant chain by managing a pre-pack sale of the business have appointed CAPA to audit properties the company traded from.
Quantuma managed to secure the future of Fyre Restaurants, which trades as Roxie Steak, by selling the company’s business and assets at three trading sites. The deal secured the future of 50 jobs across the chain and enabled a full return to the firm’s secured creditor and a distribution to the preferential creditors.
Quantuma has since instructed CAPA to conduct the rates audits as it looks to recover further funds for the preferential creditors of Fyre Restaurants. The chain operated five restaurants across London, including in Wimbledon, Earlsfield, Putney, Twickenham and Fulham.
The company had been trading for more than 10 years, but in the past year had been affected by the same trading conditions that had impacted the wider casual dining industry.
Having launched the company with one restaurant in 2011, the business had been trading profitably before experiencing financial difficulty due to the pandemic and enforced lockdowns.
This led to the closure of its two sites in Twickenham and Fulham, and a reduced service across its other locations.
Ultimately, Nicholas Parsk and Christopher Newell of Quantuma were appointed as administrators on 18 February this year, though they completed the pre-pack sale the same day.
Fyre is the latest in a long line of restaurant chains, including a Burger King franchise operation, on which CAPA has been appointed by corporate restructuring firms, due to the trading environment and a lasting impact of the pandemic on the high street.
After their appointment on Fyre Restaurants, CAPA’s Audit team will be using bespoke software to undertake a forensic analysis of all rates information paid out across six sites the business traded from. The team will interrogate the data to uncover any anomalies or errors, before recovering any overpaid sums for the Fyre’s creditors, on a no-win, no-fee basis
