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Sat 19th Nov 2022 - Exclusive: Ping Pong chain sold to management team via pre-pack administration
Exclusive – Ping Pong chain sold to management team via pre-pack administration: Ping Pong, the London dim sum chain, has been sold to its existing management team led by Art Sagiryan, via a pre-pack administration, Propel has learned. Yesterday (Friday, 18 November), Asher Miller and Stephen Katz, of Begbies Traynor, were appointed as joint administrators to conduct the pre-pack administration of Ping Pong. The business, which comprised six restaurants in St Katharine Dock, Soho, Covent Garden, Southbank, St Christopher’s Place, Bow Bells House and assets were sold through a pre-pack administration to AJT Dimsum, an entity newly set up by Ping Pong’s existing management team, which will continue to be chaired by James Horler. The acquisition saved the jobs of all 225 staff who transferred to the purchaser, which will continue to trade from all of the existing restaurants and central production kitchen. Ping Pong was founded in 2004 and previously also operated sites in Westfield London, Westfield Stratford and the Wembley Designer Outlet. Begbies Traynor said: “Ping Pong has been an established and well-loved casual dining chain in London for many years, latterly operating from six prime central London locations. Unfortunately, the extensive period of uncertainty caused by the global pandemic left the business with legacy debts including sums owed to landlords resulting from the unprecedented pandemic enforced closures and general disruption to the business, meaning the company would no longer be able to meet its historic debts when they were demanded, despite a return to profitability with trade having recovered robustly following the pandemic.” It said AJT Dimsum will also honour all bookings and associated prepayments made by customers prior to completion. Miller said: “I am so pleased to have been able to secure a quick and positive outcome for the staff and customers of Ping Pong. The management team is passionate about the business, its dedicated team and its customers and I am confident it will continue to operate and grow the business into the future.” Sagiryan added: “I am very pleased we have been able to secure the future of Ping Pong and its employees and look forward to a period of stability and growth going forward.” Ping Pong features in Propel’s Turnover & Profits Blue Book, which now contains 656 companies. The Blue Book shows in the year ending 27 March 2022 the business turned over £12,204,100 with a pre-tax profit of £334,140. The Blue Book, which is produced in association with Mapal Group and is updated monthly, provides a five-year overview of turnover and profit, ranks companies according to turnover, pre-tax profit and profit conversion. The Blue Book also provides details of directors’ earnings and highest paid directors. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email to upgrade your subscription.

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