The joint administrators from Interpath Advisory appointed over Dining Street Limited and its two subsidiaries, Richoux Limited and Newultra Limited (altogether referred to as “the group”), with their sales agents AG&G, have concluded a sale of the Richoux brand and intellectual property to Naveen Handa.
Naveen Handa is part of the family which owns The Cairn Group, which has grown to become one of the UK’s premium leisure groups, with a portfolio of 32 hotels and over 30 bars and restaurants across the UK.
Steve Absolom, joint administrator at Interpath Advisory said: “Since our appointment as administrators, we have been struck by the strong affection held for the Richoux brand by customers and people working across the hospitality industry alike, and so we’re delighted to have completed the sale of this iconic brand to Naveen Handa.”
Naveen Handa said: “I am delighted to have the opportunity to develop this much loved, century old brand and continue to elevate for the future expansion, both in the UK and globally."
The sale of the Richoux brand follows a separate transaction resulting in the assignment of the former Richoux premises in South Audley Street, Mayfair to an undisclosed party.
Steve Absolom added: “We are also grateful to the landlord of the Mayfair site for agreeing to work closely with us and AG&G, and for providing the vital breathing space necessary to secure this assignment and the re-employment opportunities it may bring.”
Will Wright, Head of Restructuring at Interpath Advisory, said: “As restaurants up and down the country start to welcome diners back, we are delighted to have secured these agreements.
“Indeed, despite these being incredibly tough times for the hospitality industry, the level of interest we have received for the Dining Street group’s business throughout the administration has been extremely positive, underlying the strong appetite from operators to provide quality casual dining experiences to consumers as we emerge from the COVID-19 crisis.”
