Yahoo Finance Lunchtime favourite Island Poke sold out of administration
London-based Hawaiian food chain Island Poke has been sold in a pre-pack administration to a subsidiary of hospitality incubator White Rabbit Fund.
After City A.M. revealed last month the chain filed a company voluntary arrangement (CVA) application to the High Court, it has been disclosed that this procedure failed.
According to a statement by restructuring giant Begbies Traynor, the CVA was put to creditors and was widely supported by them.
However, it “became apparent to the directors from daily trading that the forecasts on which the CVA was built were not likely to be deliverable thereby undermining the viability of the proposal which was scheduled to continue for five years”.
As a result, the directors of Island Poke engaged with BTG Advisory to run an accelerated marketing campaign with a view to identifying a buyer for the business.
On June 26, the group filed a notice of intention to appoint an administrator application to the court.
Jeremy Karr and Simon John Killick of Begbies Traynor were appointed as joint administrators by the directors of Island Poke.
The food business was bought by IP Topco, a subsidiary of WRP Holdco in a pre-pack administration deal, it already held shares in Island Poke. Under the new ownership White Rabbit Fund said it will safeguard 104 hospitality jobs and supplier operations.
While Natwest approved both the appointment and sale by way of a pre-pack administration.
“The administrators were supported by their legal team at Kingsley Napley, headed by Dan Sejas, head of restructuring and insolvency,” the statement noted.
White Rabbit Fund founder and CEO Chris Miller said: “Island Poke possesses a robust underlying business, with its core sites generating profits. However, the company has been hindered by substantial covid-19-related debts, inflation, and exceptionally inclement weather at the beginning of 2024.”
“The acquisition will empower us to fortify the business, safeguard 104 jobs, and continue operations with our suppliers,” he added.
