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Wed 26th Jul 2017 - 20 Handmade Burger Co sites are sold by administrator
20 Handmade Burger Co sites are sold by administrator: Administrators have sold the remaining 20 trading Handmade Burger Co outlets to an unnamed buyer, saving 530 jobs. Restaurants in the following locations have been saved by the deal: Brindley Place, Birmingham; Bull Ring, Birmingham; Solihull; Meadowhall, Sheffield; Valley Centertainment, Sheffield; Aberdeen; Silverburn, Glasgow; Kingston upon Hull; Lincoln; Ocean Terminal, Edinburgh; Reading; Bath; Bournemouth; Leicester; Leeds; Wembley; Deansgate, Manchester; St. Vincent Street, Glasgow; Southampton and Peterborough. Joint administrator Julien Irving from Leonard Curtis Business Rescue & Reciovery, said: “Since our appointment on 6th July we have worked hard to secure the most favourable outcome for all creditors. Despite being unable to propose a CVA, we have since managed to secure a buyer for the business and are delighted that this positive outcome has been achieved.” Earlier this month, administrators shut nine Handmade Burger Co branches with the loss of 163 jobs. Approval had been sought from creditors to pursue a company voluntary arrangement, which was “considered the best outcome for all creditors”. The company has expanded quickly in recent years, opening as many as five new sites a year. In November last year, the Birmingham-based company, led by Chris Sargeant, hired Kevin Bacon as chairman – he has now stepped down. The most recent accounts for the company, which is registered as The Sergeant Partnership at Companies House, show turnover of £16,011,435 from 16 restaurants in the year to 31 December 2015 with pre-tax profit of £810,986 – two of the 16 sites, Grand Central Birmingham and Nottingham, opened in late 2015. One industry source suggested the company has been suffering sharp like-for-like sales declines at a number of sites. At the end of 2015, the directors’ loan account was overdrawn by £404,150 (2014: £51,547). The company stated: “The directors have reduced dividends taken which has resulted in overdrawn loan accounts which are planned to be repaid over the next two to three years.”

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