Bird Restaurants assets sold
The fried chicken chain was placed in administration earlier this month.
The business and assets of Dirtybird Restaurants, which traded as Bird Restaurants, have been sold by administrators.
In a statement, joint administrators Andrew Pear and Michael Solomons of BM Advisory have announced the conclusion of the sale to Inspirational Bar & Restaurants Management Limited.
Bird Restaurants had five sites across London, in Canary Wharf, Camden, Islington, Shorditch and Westfield.
BM Advisory says they were sought by Dirtybird Restaurants due to “[f]inancial pressures, exacerbated by difficult trading conditions across the industry, and an unsuccessful refinancing process.” The business was placed in administration on 12 August.
Following their appointment, the joint administrators completed the sale of the business and assets to Inspirational Bar & Restaurants Management Limited.
“The restaurant sector has, in recent years, experienced a significant downturn in trading conditions as a result of ongoing political and economic uncertainly (sic). The funding market for small and medium sized businesses in the sector has narrowed, and the knock-on effects of this resulted in the company experiencing cashflow difficulties and, ultimately, insolvency,” Andrew Pear said.
Photo credit: Bird Facebook
