Gourmet Restaurants bought out of administration
The curry group gets a new owner after collapsing last week
Gourmet Restaurants which last week was plunged into administration has been acquired by the investment vehicle V8 Gourmet Ltd.
The company which owned the curry and Indian food brands, The Bombay Bicycle Club, Vama and Tiffinbites was acquired as assets after sale by the administrators Chantrey Vellacott. The deal ends a spectacular rise and fall for Gourmet Restaurants which acquired both the Bombay Bicycle Club from Clapham House and Vama from its founders last year. However, last Friday the highly tipped and praised company suddenly announced it was to go into administration and owner Jamal Hirani had reportedly left the business. V8, led by chairman Anoup Treon, has offered employment to Arjun and Andy Varma, founders of Vama, and the brothers will now be joining V8’s management team. “Despite the downturn in the economy, management expects performance of the businesses to be satisfactory,” said V8 in a statement. As the companies were acquired as assets it is possible that some creditors and suppliers will lose out as a result of the deal. In a statement Chantrey Vellacott referred to the potential losses: “It is regrettable that there may be losses by creditors, however the businesses and the livelihoods of over 400 employees has been safe guarded.” © Crimson Business Ltd. 2009