06 September 2021
The future of an iconic building in Berkeley Square in Mayfair, London, has been secured as Administrators of Mortons Club sold the building, fixtures and goodwill out of administration.
The decision to appoint administrators was made by the directors of the private member’s club after suffering from difficult trading conditions which put pressure on cashflow. As a result, the Company ceased to trade in 2020.
Graham Bushby, Partner, RSM Restructuring advisory, said ‘This deal will secure the future of an iconic Mayfair building which hopefully will be reopened after refurbishment in 2022 – helping to maintain the vibrancy of Berkeley Square as the industry unlocks post-Covid.’
In 2020, the RSM UK team were appointed to three high profile Mayfair businesses - Mortons Club; two Michelin star restaurant The Square which ceased to trade; and Kyoto inspired Michelin Star restaurant UMU London, which was sold successfully out of administration saving the business and around 20 jobs.
Graham added: ‘Competition across the hospitality sector, but particularly in London, has been a challenge for many business owners; and this pressure is now acute due to Covid restrictions, staff shortages and limited international travel impacting footfall. As the sector emerges post-Covid, managing debt and cashflow will be key to supporting a post-pandemic recovery.’