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Retail Spotlight –V8 Gourmet enters administration

 

Posted At: 20 June 2011 10:10 AM
Related Categories: Administrations, Retailers, Store Closures

 

Following the recent news that V8 Gourmet has collapsed into administration; we reviewed and updated the retailer records for group’s holdings on SnapShop.  Below is a summary of the retailer profile and highlights of the administration:

In January 2009 - Gourmet Restaurants Group - the firm behind The Bombay Bicycle Club and the Tiffinbites and Vama Indian Restaurant chains was bought by entrepreneur Anoup Treon

In August 2009- Celebrity Big Brother winner Shilpa Shetty announced a 33% stake in V8 Gourmet Group.

In Dec 2010 –Group instructed property agent Cedar Dean Gilmarc to sell 10 Bombay Bicycle Club outlets

In March 2011 - V8 Gourmet entered emergency talks with its lenders and investors after HM Revenue & Customs petitioned for it to be wound-up after falling behind on its debt repayments to Indian bank ICICI

In May 2011 - The Bombay Bicycle Club and Tiffinbites curry houses have been rescued from the brink of collapse for the second time in under three years

In June 2011 – Group collapsed into administration again despite receiving last minute backing from new investors. Investment group Calleon stepped forward to take on the business’ debt at the last minute, but despite best efforts. Joint administrators Nimish Patel and Finbarr O’Connell of Re10 are continuing to trade the business as usual. At present no changes are to be made, and administrators are working hard to secure the jobs of all 264 employees.

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Retailer Profile – V8 Gourmet
In January 2009 it was rumoured that Gourmet Restaurant Group were about to go into administration, however the group was bought by entrepreneur Anoup Treon in the same month. Gourmet Restaurant Group was rebranded V8 Gourmet Ltd.

The group, which operates 17 restaurant and takeaway sites across the Bombay Bicycle Club (BBC) and Tiffinbites brands, as well as catering arm Khana by Vama, Silk.

According to the most recent accounts filed with Companies House, the group made a pre-tax loss of £2.6m in 2009, with sales of £10.4m. It is thought V8 Gourmet was making a loss of £200k a month. V8 Gourmet Ltd entered administration again in June 2011.

Retailer Profile – Tiffinbites
Tiffinbites is an Indian restaurant offering faster, healthier dining with 4 outlets and concessions in Harrods & Selfridges across London. Tiffinbites and the Tiffin tin designs it uses for its takeaway service are trademarks of V8 Gourmet Ltd. It was announced in June 2011 that V8 Gourmet Ltd had entered administration. All outlets will continue to trade as normal.

Retailer Profile – Bombay Bicycle Club

The first Bombay Bicycle Club restaurant opened in Clapham 20 years ago and serves Indian cuisine. There are two restaurants in Balham and Holland Park and 15 home delivery kitchens which take orders via telephone or over the internet and deliver to set area in London. In July 2008, Bombay Bicycle Club became part of the Gourmet Restaurants group having been sold by Clapham House Group in July 2008.

It was announced in December 2010 that V8 Gourmet have instructed Cedar Dean Gilmarc to dispose of 10 outlets predominantly in London. In June 2011 that V8 Gourmet Ltd had entered administration. All outlets will trade as normal.


Related Blogs:
Life & Style in administration

Georgina Goodman goes into administration
Peter Werth & Pink Soda for sale
Focus in Administration – Updated

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