Talk to us today in confidence0800 970053907833 240747

The Wolseley restaurant’s owner, Corbin & King, has been forced into administration

Written by Robert Moore Marketing Manager 27 January 2022

The restaurant firm behind celebrity hotspots The Wolseley and The Delauney has been forced into administration by its biggest shareholder.

Global hotel giant Minor International said it has appointed insolvency specialists for Corbin & King, which also owns Brasserie Zedel and other London restaurants.

The move comes after a lengthy dispute between the restaurant group and its biggest financial lender, which started during the pandemic amid debate over site openings.

Investment funds have since made cash refinancing offers to the administrators to keep the firms restaurants afloat, Sky News has reported.

Minor, which owns a 74% stake in Corbin & King, said it moved in hired administrators from FRP Advisory after it “was unable to meet its financial obligations”.

The Thai conglomerate added: “The joint administrators will now consider all their options in line with relevant statute and will provide further information to creditors in due course.

“Corbin & King Limited has been severely affected by the Covid-19 crisis and the uneven recovery of the hospitality sector poses further risks to business, as it does the entire sector.

“In this context, with Corbin & King facing major liquidity constraints and having already defaulted under its shareholder and third-party loan obligations since May 2020, the company requires strong financial support – for the sake of the outstanding employees and brands with the group – to survive and succeed.”

Dillip Rajakarier, group chief excutive of Minor International, told investors that all its offers to improve the company’s financial position were “rejected” by co-founder Jeremy King.

Co-founders Chris Corbin and Jeremy King have said they intend to buy back the restaurant company.

Administrators at FRP said they are now considering all possible options for the business.

Joint administrator Geoff Rowley said: “Corbin & King Group is one of the most well-established restaurant groups in the UK, but even they have not been immune to the challenges that continue to face the hospitality sector as a result of the pandemic.

“The joint administrators will now work with all stakeholders to consider all possible options for the company.”

Category: What is administration

You are currently offline. Some pages or content may fail to load.