Beloved UK restaurant chain with 7 locations founded by Wagamama's owner collapses into administration
Busaba Eathai drafted in administrators from Leonard Curtis on July 16, according to filings on Companies House.
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At its peak, the Thai chain operated 16 restaurants, but this was reduced to 12 following a CVA in 2020.
It currently operates seven locations, with six in London and one in Lakeside shopping centre in Essex.
These sites are still operating as usual.
Over the last few years, the chain launched several new projects to try and cope in the tumultuous restaurant industry post-pandemic.
In 2022, they opened an izakaya-inspired bar called Ajia, as well as a new restaurant in Oxford.
These didn't last long, closing down in 2023 amidst falling profits.
Last year, the restaurant chain announced an overhaul of their Stratford site, as well as a new trial restaurant.
They hoped to appeal to younger audiences with a range of small plates and an emphasis on drinks.
Busaba's menu includes a range of curries, noodle dishes and grills.
What does going into administration mean?
WHEN a company enters into administration, all control is passed to an appointed administrator.
The administrator has to leverage the company's assets and business to repay creditors any outstanding debts.
Once a company enters administration, a "moratorium" is put in place which means no legal action can be taken against it.
Administrators write to your creditors and Companies House to say they've been appointed.
They try to stop the company from being liquidated (closing down), and if it can't it pays as much of a company's debts from its remaining assets.
The administrator has eight weeks to write a statement explaining what they plan to do to move the business forward.
This must be sent to creditors, employees and Companies House and invite them to approve or amend the plans at a meeting.
A Notice of Intention is used to inform concerning parties that a company intends to enter administration.
It is a physical document which is submitted to court, usually by directors aiming to prevent a company from being liquidated.
Like with a standard administration process, a Notice of Intention stops creditors from taking out any legal action over a company while they try and rectify the business.
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