Propel Morning Briefing Mast Head Propel Hospitaliity website Paul's Twitter Link Subscribe Unsubscribe Web Version Forward Email Star Pubs & Bars Banner Morning Briefing Strap Line
Wed 29th Apr 2020 - Busaba appoints advisors to explore options
Busaba appoints advisors to explore options: Busaba, the Thai chain founded by Alan Yau, has appointed advisors as it looks at securing new investment or a buyer, Propel has learned. The Terry Harrison-led group, which operates 13 sites in the capital, is understood to have appointed KPMG to help it assess options, which if new investment doesn’t come forward could include a restructuring of the business and a possible company voluntary arrangement. It is thought the business has small reserves of cash to keep it going for the short-term, but needs a cash injection for the mid to long-term. It is believed to have look at the government schemes available, but does not qualify under the Coronavirus Business Interruption Loan Scheme. A request to extending its business loan facility is also thought to have been declined. Most of the company’s staff have been furloughed. The company is understood to be working on a plan to get back on its feet, starting with the reopening of a couple of sites for takeaway only tomorrow (Thursday, 30 April). The company restructured its finances in May last year in the wake of its acquisition by Muzinich, which resulted in a reduction in loan note debt and additional facilities of £1.4m to support the ongoing development of the business and restructuring costs. The company reported it had sub-let a closed site in Manchester and assigned the lease of a closed site in St Albans – a leasehold site in Liverpool was previously assigned. It had been seeing some pick-up in trading over the past 12 months through a redesign and a refresh of its offer. Busaba was founded in 1999. Phoenix Equity Partners made a £21.5m investment in the then three-strong business in 2008.

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
Griller Kitchens Banner
Interiors UK Banner
Ei Group Banner
Aston Manor Cider Banner
Jagermeister Banner
Peak-Ryzex Banner
Trail Banner
Fetch Banner
Wagestream Banner
Accolade Wines Banner
Zonal Banner
Bizimply Banner
Lucky Saint Banner
StoreKit Banner
McCain Banner
The Vegetarian Butcher Banner
Zonal Banner
Jagermeister Banner
Biffs Banner
Harri Banner
Lifebuoy Banner
Access Banner
Prestige Purchasing Banner
IOL Banner
COREcruitment Banner
KAM Media Banner
Startle Banner
Cynergy Bank Banner
Bums on Seats Banner
Pago Banner
Veneers Banner
Punch Taverns Link Punch Taverns Link
The Vegetarian Butcher Banner
ALMR Web Link Web Version Unsubscribe Subscribe Propel Info website