All seven of The Coconut Tree’s restaurants, which includes sites in Bristol, Bath, Oxford, Reading and Cheltenham, are included in the deal, which protects more than 150 jobs.
As reported earlier this week, The Coconut Tree formally entered administration on 6 November with Mark Boughey and Rebecca Dacre of Forvis Mazars appointed to oversee the process.
It came after the group faced being wound up having defaulted on its CVA back in the summer.
“The hospitality sector continues to face significant challenges, including rising costs, changing consumer behaviour and economic uncertainty, which have affected trading conditions for restaurant businesses,” says Boughey.
“Against this backdrop we are pleased to have secured a positive outcome for employees and creditors of The Coconut Tree restaurant group.
“The agreement with MPS Hospitality Limited helps to protect more than 150 jobs.
“Throughout this process, we have prioritised preserving the business and supporting its workforce whilst achieving the best outcome for all classes of creditors.”
According to Companies House, MPS Hospitality Limited is led by Shamil Tiranjan Fernando and Praveen Cliford Demitrius Fernando Thangiah, who founded The Coconut Tree with Mithra Fernando, Rashintha Rodrigo and Dhanushka Fernando in 2016.