Peruvian restaurant chain Ceviche Ltd t/a Ceviche and Andina has been sold to Carino Ltd as part of a pre-pack administration.
Allan Kelly and Damian Webb of RSM Restructuring Advisory LLP were appointed administrators of Ceviche Limited on the 15 November 2019 following a period of expansion and difficult trading conditions within the leisure and hospitality sector.
Ceviche in Soho, Andina in Shoreditch and Casita Andina in Piccadilly will remain open, securing 88 jobs. Three sites in Notting Hill and Old Street closed prior to the administrator’s appointment which resulted in 60 redundancies.
The investment from Carino Ltd, is backed by the founders of Rosas Thai Café, Alex and Saiphin Moore. The couple will now work with a turnaround specialist named Atomex Ltd. (a company Alex co-founded) to bring key sector experience and expertise to take the Ceviche brand to its next stage of evolution.
Allan Kelly, one of the Joint Administrators from RSM Restructuring Advisory LLP said: ‘The sale of the three Ceviche and Andina restaurants saves 88 jobs ensuring continuity in what are popular dining destinations through the ongoing trading of the profitable core estate. The Atomex team behind Carino has strong credentials in the leisure and hospitality sector and plan to grow the Ceviche brand, which is a positive outcome for the business; and we wish them every success with the venture.
‘Regrettably this process has led to the closure of three restaurants, resulting in 60 redundancies. We will be working closely with the redundancy payments service to assist these employees.’
The Ceviche sales follows a busy period for RSM’s specialist leisure and hospitality restructuring team where the practice has acted for four food chains in four months, including the sale of Pod Food Limited and CVA’s of Thai Leisure Group Limited and Elvetham Limited t/a Abokado – successfully preserving over 1,000 jobs in the sector.