close
Share with your friends

Administrators appointed to Dining Street Limited

Administrators appointed to Dining Street Limited

Will Wright and Steve Absolom from KPMG’s Restructuring practice have been appointed joint administrators to casual dining operator Dining Street Limited and its two subsidiaries, Richoux Limited and Newultra Limited (altogether referred to as “the Group”.

1000

Also on home.kpmg

Between them, the companies operate 15 restaurants predominantly across London and the south of England under the brands Richoux, Zintino, Friendly Phil’s, Villagio and The Broadwick.

All of the Group’s sites had been closed for dine-in services since 20 December 2020 in line with the Government’s tier four COVID-19 restrictions, with a handful of sites continuing to provide takeaway and delivery services. However, with ongoing uncertainty around when restrictions will be lifted and with the companies continuing to accrue liabilities, the pressure on the cash position became such that the directors took the difficult decision to appoint joint administrators.

Regrettably, following the appointment of the joint administrators, all 147 members of staff have been made redundant.

Will Wright, partner at KPMG and joint administrator, said: “The current plight of the UK’s hospitality sector cannot be underestimated. Despite the breadth of support packages available, the reality is that the latest lockdown measures have proven to be a hammer blow for many businesses which, like the Dining Street group of companies, continue to accrue creditor liabilities while seeing little to no revenues coming in.

The Group had a number of popular brands and outlets, and so we are currently exploring options for a sale of the business and its assets. We would like to invite any interested parties to contact us as soon as possible.

We are also working with the Group’s employees as a matter of priority, to provide them with all the assistance they need in claiming monies owed from the Redundancy Payments Office.”

Interested parties should contact Lorraine Gray and Sophia Rodriguez at KPMG. (Lorraine.Gray@kpmg.co.uk / Sophia.Rodriguez@kpmg.co.uk)

-ends-

 

Notes to Editors:

 

The restaurants are in the following locations:

Richoux
Mayfair
Piccadilly
Port Solent

Zintino
Andover

Friendly Phil’s
Port Solent
Chatham
Fareham
Hempstead Valley

Villagio
Basildon
Hammersmith
Chatham

The Broadwick
Chatham
Chislehurst
Maidenhead
Radlett

For further information, please contact:

Katy Broomhead, Senior PR Manager, KPMG

Tel: 0161 246 4623 / 07824 537963

Email: katy.broomhead@kpmg.co.uk

KPMG Press Office: 020 7694 8773

home.kpmg/uk/restructuring

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff.  The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019.

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal

Save, Curate and Share

Save what resonates, curate a library of information, and share content with your network of contacts.

Sign up today