City Duo Grab Roles On Latest Restaurant Rescue
Chain restaurant Pod fell into administration last week, which led to the closure of nine outlets.
June 27, 2019 at 05:10 AM
2 minute read
Pod, Credit: Pod.co.uk
Travers Smith and Charles Russell Speechlys are advising on the sale of healthy 'food-to-go' chain Pod, which last week fell into administration.
Pod has been selling healthy food to go since 2005, across 24 restaurants in London. Earlier this month, RSM Restructuring Advisory was appointed administrator after the company fell into financial difficulty. Nine stores were closed, with 90 members of staff made redundant.
It is being bought by restaurant owner the Azzuri Group.
RSM said in a statement that the sale "secures over 170 jobs and ensures the ongoing trading of the core Pod business", with 13 restaurants to continue operating.
The Azzurri Group specialises in the Italian dining sector, and runs more than 250 chain restaurants, including brands ASK Italian, Zizzi and Coco di Mama.
Travers Smith advised longstanding client Azzurri on the acquisition. The team was led by restructuring and insolvency partner Edward Smith, private equity and financial sponsors partner Ian Shawyer, and tax partner Jessica Kemp.
Meanwhile, Charles Russell Speechlys advised RSM with a team led by corporate partners Sarah Wigington and Andrew Clarke.
The value of the deal was not disclosed.
Travers Smith partner Ian Shawyer previously acted for buyout group Bridgepoint in its acquisition of restaurants Zizzi and ASK Italian from Cinven and the Gondola Group.
The deal represents the latest in a string of high street rescue deals this year, and follows the administrations of Jamie Oliver's restaurant business and Patisserie Valerie, both of which Gateley acted on.
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