Gastro Pubs Limited, which traded as Middletons across several steakhouses in the Midlands and east of England, has been bought by a new group controlled by its existing shareholders. All seven Middletons sites will continue to trade as a result of the deal.
The acquisition follows reports in October that Middletons had appointed advisors from Interpath to assess its strategic options, with the group saying at the time that trading had been adversely impacted by current economic factors including rising food costs and changes in consumer spending habits.
A solvent solution could not be found, and as such the directors took the decision to file for the appointment of administrators.
On 14 November, Tim Bateson and James Clark from Interpath were appointed joint administrators to the group, with a sale concluded shortly after.
“Hospitality businesses up and down the country continue to battle hard in the face of strong trading headwinds,” says Bateson.
“Whilst these challenges proved insurmountable for Gastro Pubs Limited, we are pleased to have concluded this transaction which will allow the company’s seven Middletons Steakhouse & Grill restaurants to continue trading, preserving the jobs of their loyal staff.”
Middletons was launched in 2011 and operates restaurants in Chelmsford, Colchester, King’s Lynn, Leicester, Milton Keynes, Norwich and Peterborough. It has closed two restaurants in recent years, in Cambridge and Leamington Spa, the latter of which opened in 2022 on a former Gusto following a £500,000 investment.
The group previously underwent a financial and operational restructuring in 2023.