Camino, the Spanish restaurant group enters a rescue deal which secures 77 jobs
Nigel Foster and Richard Bigg, co-founders of Camino, have, by form of newly incorporated company, Camino Trading Limited, agreed to purchase the business and assets of Camino following an accelerated sales process.
The Group has restaurants in Shoreditch, Bankside, Monument and King’s Cross.
With COVID-19, lockdown and fewer workers in central London locations, the group was hit. Its main consumer group i.e. office workers, was lost.
Directors used the Government support measures and reduced its cost base to survive, though this was then made worse by the 10pm curfew. Continued uncertainty resulted in a restructuring solution being sought.
RSM Advisory were brought in. They launched an accelerated sale process which gained some interest but there was only one offer made.
The Groups’ MD and co-founder therefore will continue to lead Camino, under this deal, with the backing of their management team.
Camino also operates Bar Pepito and Bar El Rincon, located in Kings Cross.