An administrator’s progress report filed to Companies House by Begbies Traynor, which was appointed administrator to the group in December last year, says the proposed CVA will ‘rescue the company as a going concern’.
“It is envisaged that the CVA will provide for a better return to creditors than the ongoing administration,” the report reads.
“If the CVA is not approved the administration will not allow for a distribution to any class of unsecured creditor.”
Founded by Mark and Alan Wogan, sons of legendary radio and television broadcaster Terry Wogan, Homeslice, which specialises in 20-inch pizzas served whole or by the slice, opened its first restaurant in 2013 and until earlier this year operated three sites in the capital in Neal’s Yard in Covent Garden, the City, and Marylebone.
The Marylebone restaurant, which was put on the market in December at a guide price of £150,000, has since closed, but the group’s other two sites continue to trade and have done so since the administration was announced.
Back in January, the founders said they were determined to save their business and were preparing a restructure in order to keep going.
Mark Wogan told the Daily Mail that the pair would not desert their people and creditors, despite the critical challenges facing the business, including a downturn in profitability and a decline in diners prepared to spend.
“Rents are significant, but people are more significant,” he said at the time.
“We have good people who rely on Homeslice for their living. We have a lot of staff who’ve been with us seven plus years.
“It’s really important that, as an owner, I provide them with a living going forward. It’s very important to honour the creditors – it’s not who I am otherwise.”