Luxury Restaurant Goes into Administration

The luxury London restaurant ‘Buddha Bar,’ a regular hang out for footballers and WAGs has gone into Administration.  Baker Tilly has been appointed to handle the closure of the company, the restaurant has been host to tonnes of Celebrities including Lionel Richie.

 The restaurant ceased trading immediately on the appointment of the Administrators.  Buddha Bar opened in August 2008.

David Hudson, head of the London team of administrators at Baker Tilly, has been forced to make 80 redundancies since his appointment, however he remains confident that a buyer for the assets of the company can be found.

Hudson said: "Naturally, high-quality entertainment venues have a high start-up cost and, with Buddha Bar opening just before the beginning of the recession in 2008, it compounded what was a difficult market for the business."

The London restaurant is part of a franchise that has restaurants all over the world, namely glamorous locations such as Dubai, Paris and New York.

Simon Halabi is one of the backers for the company. Halabi filed for bankruptcy earlier this year with Baker Tilly partner, Geoff Carton-Kelly appointed the trustee in bankruptcy on his case.

Posted at 03:44PM May 21, 2010 by Marc Stenton in Insolvency  |  Comments[0]