Newcastle leisure entrepreneur snaps up Richoux restaurant model out of administration

Newcastle leisure entrepreneur snaps up Richoux restaurant model out of administration

A Newcastle leisure entrepreneur has snapped up a 112-year-old restaurant model from directors.

Naveen Handa, of Newcastle based mostly resort, bar and restaurant firm The Cairn Group, has sealed a deal for the Richoux model and mental property.

The deal comes after the Eating Road Restricted, the group which owns Richoux Restricted, Villagio and The Broadwick manufacturers, collapsed into administration at the beginning of the yr when it introduced it will shut its 15 websites, with the lack of round 150 jobs.

Richoux was launched in London in 1909 as a patisserie and confectioner, with the unique tea room being based mostly in London’s Baker Road.

The 2 founders sought to fuse French heritage with British environment, sourcing all its teas and elements from choose suppliers.

The eating places later grew to become owned by Richoux Group PLC, which was listed on London’s AIM market till February 2019 earlier than returning to personal possession underneath Eating Road.

Forward of the pandemic, Richoux had eating places in London and Port Solent.

Mr Handa, a part of the household agency which has grown to turn into one of many UK’s premium leisure teams, with a portfolio of 32 accommodations and over 30 bars and eating places throughout the UK, mentioned he now goals to develop the Richoux title.

He mentioned: “I’m delighted to have the chance to develop this a lot cherished, century outdated model and proceed to raise for the long run growth, each within the UK and globally.”

The deal was concluded by gross sales brokers AG&G and joint directors from Interpath Advisory – the previous restructuring follow of KPMG – who had been appointed over Eating Road Restricted and its two subsidiaries, Richoux Restricted and Newultra Restricted.

Steve Absolom, joint administrator at Interpath Advisory mentioned: “Since our appointment as directors, we’ve been struck by the sturdy affection held for the Richoux model by prospects and other people working throughout the hospitality business alike, and so we’re delighted to have accomplished the sale of this iconic model to Naveen Handa.”

The sale of the Richoux model follows a separate transaction ensuing within the task of the previous Richoux premises in South Audley Road in Mayfair, London, to an undisclosed social gathering.

Will Wright, head of restructuring at Interpath Advisory, mentioned: “As eating places up and down the nation begin to welcome diners again, we’re delighted to have secured these agreements.

“Certainly, regardless of these being extremely powerful occasions for the hospitality business, the extent of curiosity we’ve acquired for the Eating Road group’s enterprise all through the administration has been extraordinarily constructive, underlying the sturdy urge for food from operators to offer high quality informal eating experiences to shoppers as we emerge from the COVID-19 disaster.”

Final yr Mr Handa grew to become a part of new agency Savour Group, which was set as much as rescue Vapiano eating places within the UK.

Earlier this month Cairn Group – which owns Newcastle’s Royal Station Lodge, Redworth Corridor and Spa close to Newton Aycliffe, and the Hilton Doubletree close to Newcastle Airport inside the North East – revealed accounts for the yr ended April 30 2020, by which turnover held up effectively, solely dipping barely from £96.5m to £91.2m.

It mentioned it was persevering with to see a big choose up in occupancy for the approaching months.

Richoux eating places run as franchises in Doha and Muscat haven’t been affected by the administration.

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