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.
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