Casual dining Thai restaurant Busaba sold in pre-pack deal
The chain was sold to Seaco Investments.
Busaba Eathai Limited, operator of Thai dining chain Busaba, was sold in a pre-pack deal to investment firm Seaco Investments Limited.
Neil Bennett and Alex Cadwallader of Leonard Curtis were appointed Joint Administrators of Busaba. This comes following the group entering into administration on 16 July.
Prior to the pre-pack sale, Busaba Eathai Limited traded as a modern Thai restaurant from seven premises across London, recently celebrating its 25th anniversary. Following an extremely challenging trading period, the restaurant was at risk of closure if a sale via administration could not be secured.
According to Bennet, Busaba has experienced tough trading conditions over the past few years, in line with the hospitality industry in general, including the negative consequences of the cost-of-living crisis, inflation and a substantial increase in utilities costs.
The deal saved 240 jobs.
