Our Restructuring and Advisory Division rescues Roxie Steak restaurants with same day pre-packed sale

Nick Parsk and Chris Newell, Insolvency Practitioners at our Restructuring and Advisory Division, have secured the sale of Roxie Steak restaurants, following an accelerated sales and marketing campaign.

The popular restaurant group serves high-quality steak from five restaurants across South West London, including Wimbledon, Earlsfield, Putney, Twickenham, and Fulham. 

Having launched the company with one restaurant in 2011 the business traded profitably for several years, before experiencing significant financial difficulty as a result of the pandemic and enforced lockdowns. This led to the closure of its two sites in Twickenham and Fulham, and a reduced service across its other locations. 

Nick Parsk and Chris Newell were appointed Joint Administrators to Fyre Restaurants Limited trading as Roxie Steak on 18 February 2022 and completed a sale on the same day. The sale included the company’s business and assets at three trading sites and resulted in 50 jobs being saved. The proceeds from the sale will enable a full return to the secured creditor and a distribution to the preferential creditors.

Nick Parsk, Director at our Restructuring and Advisory Division, said: “It is no surprise that hospitality businesses, especially those where you dine in, experienced some of the worst effects of the pandemic. Fyre Restaurants Ltd t/a Roxie Steak had a strong trading history and successfully expanded from one to five trading sites, employing nearly 100 staff. However, the Company was unable to make a dent in the debts accrued during the numerous lockdowns. In addition, the loss of bookings and poor trading results generally during the usual busy Christmas period of 2021, due to the Omicron variant, resulted in the management reviewing the viability of the business in its current form.

I am delighted to have achieved a sale of the business and assets, ensuring the survival of the successful Roxie Steak restaurant brand which has a loyal customer base and a popular dining concept. Further, the sale ensured that all 50 jobs were saved and a dividend will be paid to creditors.”