Companies

Friska Limited appoints Mazars as administrators

Mazars partners, Mark Boughey and Tim Ball have been appointed to oversee the administration process

Mazars LLP has been appointed administrators of Friska Limited, a Bristol café and quick service restaurant chain. 

Mazars partners, Mark Boughey and Tim Ball have been appointed to oversee the administration process. 

The company, which was incorporated in 2009, had, prior to the Covid pandemic, been “implementing a strategy of growth and expansion” through new store openings. 

At its peak, the company owned 12 restaurants, operating eight sites across Bristol, three in Manchester and one in Birmingham.

Mazars said that the company has “struggled” in the last 15 months due to the forced closures, as a result of Covid lockdowns, and the “general reduction in footfall with office employees working from home”.  

As a result of these factors, the company entered into a Company Voluntary Arrangement (CVA) in October 2020 with a view to exiting the Manchester and Birmingham markets, re-negotiating terms with landlords, and re-focussing future operations in Bristol.

Following a comprehensive marketing process, a sale has been arranged with a third party, which has acquired the business (including goodwill and trading names) and assets at five of the current eight sites across Bristol.  

In addition, two of the Bristol sites have been sold to the current management, which will now operate under a different brand. 

Mark Boughey, joint administrator at Mazars, said: “The joint administrators are pleased to announce that a sale of the business and assets has now been completed, which has resulted in 35 employees transferring to the new owners.  

“Whilst the hospitality and retail sector continues to experience challenges, due to Covid, we hope that the government’s recent announcement and the lifting of restrictions on 19th July will enable the business to re-open and thrive under new ownership, safeguard the jobs of employees and retain tenants for local landlords.”

He added: “We also wish the Friska co-founders Griff and Ed well with their new venture and every success for the future.”

Back to top button