Richoux brand sold to Cairn Group's Naveen Handa

By Finn Scott-Delany

- Last updated on GMT

Richoux brand sold to Cairn Group's Naveen Handa

Related tags Coronavirus Administration Casual dining Restaurant

The Richoux brand and its intellectual property has been sold by administrators to Naveen Handa of Newcastle-based hotel and bar operator the Cairn Group.

Handa says he will be working to develop the century-old Richoux brand with a view to expanding the concept both in the UK and globally.

It comes after Dining Street Limited, the parent company that owned restaurant chains Richoux, Villagio and The Broadwick, fell into administration back in January​.

Joint administrators from Interpath Advisory, formerly KPMG’s restructuring arm, concluded a sale of the brand with sales agents AG&G.

The transaction follows a separate transaction resulting in the assignment of the former Richoux premises in South Audley Street, Mayfair to an undisclosed party.

“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,” says Steve Absolom, joint administrator at Interpath Advisory.

“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.”

Famous for its afternoon teas, Richoux opened its first London restaurant on Baker Street in 1909.

Handa, whose family owns the Cairn Group, which has a portfolio of 32 hotels and more than 30 bars and restaurants across the UK, has also acquired East Coast Concepts out of administration, and is part of a group that has taken on Vapiano UK.

“As restaurants up and down the country start to welcome diners back, we are delighted to have secured these agreements," says Will Wright, head of restructuring at Interpath.

“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.”

Related topics Business & Legislation Fine Dining

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