The popular chain was teetering on the brink of collapse but has now been sold out of administration, meaning its restaurants can stay open and no closures are needed
A popular UK restaurant chain has been rescued from the brink of collapse, with its outlets saved from closure.
Middletons Steakhouse & Grill, which has seven restaurants throughout the UK, had been hit hard by soaring labour costs. However, the company, which was at risk of collapsing, has now been sold out of administration.
This means all restaurants can continue operating as normal, with no closures needed. On Friday, Tim Bateson and James Clark from Interpath teamed up to become joint administrators. The steakhouse chain has now been sold to a new group controlled by the existing shareholders of Middletons.
The chain has been welcoming punters through its doors since opening its first restaurant in Middleton, Norfolk, in 2011, the Express reports. It now has seven restaurants around the country – Chelmsford, Colchester, King’s Lynn, Leicester, Milton Keynes, Norwich, and Peterborough.
Mr Bateson, director at Interpath and joint administrator, said: “Hospitality businesses up and down the country continue to battle hard in the face of strong trading headwinds.
“Whilst these challenges proved insurmountable for Gastro Pubs Limited, we are pleased to have concluded this transaction, which will allow the company’s seven Middletons Steakhouse & Grill restaurants to continue trading, preserving the jobs of their loyal staff.”
It comes days after popular fast food chain Yolk fell plunged into administration and was forced to shut three restaurants in London. Last week, the company reportedly underwent a company voluntary arrangement (CVA), with three branches in the capital – Strand, New Oxford Street, and High Holborn – closing down.
Yolk, which is known for serving coffee and high-end sandwiches, has accumulated debts of around £1.7 million, according to filings with Companies House. The fast food chain began operations in 2014 as a pop-up before opening its first permanent site on New Street Square in the City of London in 2018.
Meanwhile, a luxury homeware shop has shut all 26 of its UK branches after falling into administration. The brand was compelled to make 133 of its staff redundant, with only its head office and warehouse in Banbury remaining open to fulfil existing orders.
Founded in 1983 and initially selling terracotta tiles from a farm in Oxfordshire, Fired Earth expanded into a leading design name on the British high street, even collaborating with Marks & Spencer on exclusive collections. The business, which specialised in premium tiles and interior design products, operated 26 showrooms across the UK and supplied an additional 22 independent stockists.
Administrators Alex Cadwallader and Dane O’Hara of Leonard Curtis, one of the UK’s largest corporate recovery firms, were appointed on October 31. Mr O’Hara stated: “Fired Earth has been loss-making for some time. In the last three years the company has been supported by its shareholders while efforts were made to return the business to profitability. Unfortunately, the company has continued to incur trading losses, and its investor was not prepared to provide further funding.”
