Propel Morning Briefing Mast HeadAccess Banner  
Propel Morning Briefing Mast Head Paul's Twitter Link Paul's Twitter Link

Navitas Banner
Morning Briefing for pub, restaurant and food wervice operators

Tue 6th Aug 2019 - Exclusive: Wrapchic acquired out of administration
Exclusive – Wrapchic acquired out of administration: Fusion fast-food business Wrapchic has been acquired out of administration, after running into issues with some of its franchisees, Propel has learned. Nichola Cusack and Rishi Karia, of Parker Andrews, were appointed joint administrators of Wrapchic near the end of last month, with the company, which was founded in 2012, growing to 27 sites throughout the UK, mainly through franchising. Propel understands while franchisees were operating from the majority of the sites, the leases for the premises were largely in the company's name and due to issues with some franchisees, the business suffered from the resultant liabilities. Propel has learned the joint administrators were able to successfully negotiate a sale of the company's business and assets, resulting in the continuation of the majority of the sites and continued employment for its employees. A statement from the joint administrators said: “The sale minimises the number of stores closures, providing continuation for the majority of franchisees and jobs for their staff, while minimising potential claims from affected landlords.” It is thought the business, which was founded and is led by Mahesh Raikar, has been acquired in a pre-pack administration deal. Propel understands the business was purchased by Zampor, with the company’s intellectual property being assigned to Fairway Commerce. Both companies are registered at the same address as Wrapchic. The director of the companies is Atul Patel, who is also a director of Wrapchic. The company recently closed its two sites in Preston, and earlier this year shuttered its site in Leicester’s Gallowtree Gate area. It has also closed its Milton Keynes site but has said this will reopen soon. Over the past month, Wrapchic has opened new sites in Uxbridge and at the London Designer Outlet in Wembley. It is also one of the brands set to open at Manchester airport’s new £1bn “super terminal” next year.

Return to Archive Click Here to Return to the Archive Listing
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
Jameson Banner
Co-Kitchens Banner
Peppadew Banner
Unilever Banner
Santa Maria Banner
Jameson Banner
Tofoo Pro Banner
HDI Banner
Meaningful Vision Banner
Ponte Banner
Lamb Weston Banner
Unilever Banner
Propel Banner
Cynergy Bank Banner
St Pierre Banner
John Gaunt Banner
HGEM Banner
Zonal Banners
Access Banner
Purple Story Banner
Propel Banner
Christie & Co Banner
Beyond the Bean – Zuma Banner
St Pierre Banner
CACI Banner
Sector Banner
Airship – Toggle Banner
Venners Banner
Wireless Social Banner
Payments Managed Banner
Deliverect Banner
Hospitality Rising Banner
Tofoo Pro Banner