All employees will be retained as part of the transaction.
HOP Vietnamese has been acquired by a newly incorporated entity founded by the chain’s founder, Paul Hopper.
In a statement sent by Hopper to QSR Media, FRP Advisory was engaged to lead a “robust and independent” accelerated mergers & acquisitions process after it became clear that a company voluntary agreement (CVA) was not an option due to the “inflexible stance on rent concessions taken by several of HOP’s landlords.”
All existing HOP employees will be retained as part of the transaction, Hopper added. The brand currently operates five outlets in London.
"Due to the ongoing impact of the COVID-19 pandemic we appointed advisors in late 2020 to explore all options for the brand. It became clear that unlike many other great brands in our sector, a CVA was not an option due to the inflexible stance on rent concessions taken by several of HOP’s landlords,” Hopper said.
“I’m really pleased to have agreed a way forward for the HOP brand and our incredible team. It was a very painful period for the company but it’s important we now look to the future and I look forward to seeing HOP thrive again soon."
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