Nick Parsk and Chris Newell, insolvency practitioners at business advisory firm Quantuma, have secured the sale of Roxie Steak restaurants, following an “accelerated” sales and marketing campaign.
The restaurant group serves “high-quality” steak from five restaurants across South West London, including Wimbledon, Earlsfield, Putney, Twickenham, and Fulham.
According to the firm, having launched the company with one restaurant in 2011 the business traded profitably for “several years”, before experiencing “significant” financial difficulty as a result of 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.
The sale included the company’s business and assets at three trading sites and resulted in 50 jobs being saved. It said the proceeds from the sale will enable a full return to the secured creditor and a distribution to the preferential creditors.
Nick Parsk, director at Quantuma, said: “It is no surprise that hospitality businesses, especially those where you dine in, experienced some of the worst effects of the pandemic. Fyre Restaurants Ltd t/a Roxie Steak had a strong trading history and successfully expanded from one to five trading sites, employing nearly 100 staff.
“However, the Company was unable to make a dent in the debts accrued during the numerous lockdowns. In addition, the loss of bookings and poor trading results generally during the usually busy Christmas period of 2021, due to the Omicron variant, resulted in the management reviewing the viability of the business in its current form.”