Town Centre in pre-pack deal
4 July, 2012
Town Centre, the operator behind brands including Cafe Giardino, Auberge and Azzurro, has been sold out of administration in a pre-pack deal.
As Peach Report reported, Town Centre recently hired advisors as it consulted on future options. It called the strategic review from Zolfo Cooper after deciding it could not meet its debts, and explored options including fresh investment.
The buyers of the business under the pre-pack arrangement include current manager and Town Centre chief executive Mark Winter. Clydesdale, the company’s original bank, has backed the deal. The team has bought 22 of the 38 outlets run by Town Centre, plus its head office in Enfield.
Town Centre said the company had been unviable in its existing form, and that an administration process was required to help give it a fresh start. Winter told Property Week: “We hope that through this restructuring and new investment we can take the business forward and deliver sustainable growth again in the years ahead.”
Town Centre was founded in 1992 with Café Giardino in Bromley, and had 50 sites across the south east at its peak, including a presence in many major shopping centres. It has changed hands several times over the last few years.