A popular UK restaurant chain has been rescued from the brink of collapse, saving all of its outlets and 159 jobs. Middletons Steakhouse & Grill, which has seven restaurants throughout the UK, had been hit hard by soaring labour costs.
It was teetering on the brink of collapse but has now been sold out of administration, meaning all restaurants can continue operating as normal with no closures needed. On Friday, Tim Bateson and James Clark from Interpath teamed up to become joint administrators. They sold the beloved steakhouse chain to a new group controlled by the existing shareholders of Middletons.
Middletons Steakhouse & Grill currently has seven restaurants throughout the UK: Chelmsford, Colchester, King’s Lynn, Leicester, Milton Keynes, Norwich, and Peterborough.
The chain has been welcoming punters through its doors since opening its first restaurant in Middleton, Norfolk, in 2011.
Mr Bateson, director at Interpath and joint administrator, said: “Hospitality businesses up and down the country continue to battle hard in the face of strong trading headwinds.
“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.”
This comes as a popular fast-food chain has been forced to shut three restaurants in London after plunging into administration.
Last week, ‘Fine fast food’ chain Yolk reportedly underwent a company voluntary arrangement (CVA).
Its branches located on the Strand, New Oxford Street, and High Holborn – all in London – have been closed.
Yolk, a restaurant chain known for serving coffee and high-end sandwiches, has accumulated debts of around £1.7 million, according to filings with Companies House.
Yolk began operations in 2014 as a pop-up before opening its first permanent site on New Street Square in the City of London in 2018.
