The Handmade Burger Co has been placed in the hands of the administration.
Following the announcement, the fast-food burger chain has closed nine of its 29 restaurants that operate around the UK.
According to Eat Out Magazine, the remaining eateries will continue to trade under the joint administrators’ control, who “hope to find a solution which will enable as many jobs as possible to be preserved”.
The recovery administrators hope to seek approval from Handmade Burger Co’s creditors to a Company Voluntary Arrangement (“CVA”), which is considered to be the best outcome for all creditors. If unsuccessful, they will look to find a buyer for the business.
The Joint Administrators are currently in talks with key stakeholders and creditors of Handmade Burger Co, who employ almost 900 employees, to achieve a positive outcome.
Photo credit: Retail Design Blog
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