Latest news with #BusabaEathai
Yahoo
26-07-2025
- Business
- Yahoo
Seaco Investments acquires Thai restaurant chain Busaba Eathai
Thai dining establishment Busaba Eathai has been sold out of administration through a pre-pack arrangement with Seaco Investments, ensuring the retention of 240 jobs. As stated in Business Sale Report, the chain currently operates six venues in London and one restaurant in Essex. Established in 1999 by Alan Yau, Busaba Eathai expanded its footprint beyond London in 2016, launching restaurants in Manchester, Liverpool and St Albans, along with a franchise in Dubai. However, these locations closed within three years. The company underwent a company voluntary arrangement (CVA) in 2020, at which point it had 13 sites in London. Busaba Eathai has subsequently faced multiple closures, including those of its locations in Bloomsbury and Kingston upon Thames in 2025, ultimately leaving it with six restaurants in London at the time it entered administration. The chain had also opened restaurants in Cardiff and Oxford, but both ceased operations in 2023. In 2024, it indicated a shift in focus back to London and nearby areas. According to its most recent financial statements for the year ending 17 September 2023, Busaba reported a turnover of £21.1m ($28.5m), a slight decline from the previous year, while reducing its post-tax losses from £3.1m to £1.8m. Company directors cited a 2% like-for-like drop in sales, linked to the cost-of-living crisis and rising expenses for food, energy and staffing. On 16 July 2025, Neil Bennett and Alex Cadwallader from Leonard Curtis were appointed as joint administrators for Busaba Eathai. They facilitated the pre-pack sale to Seaco Investments, which is led by Ronald Seacombe. Bennett stated that the company had 'experienced tough trading conditions' over recent years, as has much of the wider hospitality industry, with headwinds including inflation, the cost-of-living crisis and a substantial increase in utilities costs. 'The pre-pack sale has allowed us to transfer the business smoothly and has saved a long-standing London Thai restaurant along with hundreds of jobs.' "Seaco Investments acquires Thai restaurant chain Busaba Eathai" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
24-07-2025
- Business
- Daily Mail
Thai chain created by Wagamama founder collapses into administration
A popular restaurant chain created by Wagamama founder Alan Yau has become the latest hospitality business to fall into administration. Busaba Eathai drafted in administrators from Leonard Curtis earlier this month, potentially marking the beginning of the end for the 25-year-old group, Companies House documents show. At its peak, the chain had 16 restaurants before financial difficulties forced it to cut back to 12 in 2020. It blamed the loss on higher costs, weaker London footfall owing to the cost of living crisis, and 'summer-wide disruption caused by industrial action on train and tube network'. Busaba is the latest hospitality firm to face financial troubles as the sector shoulders a huge increase in employment costs after hikes to national insurance contributions and the living wage earlier this year. Hospitality firms also face higher energy costs, while the industry says business rates are too high.
Daily Mail
24-07-2025
- Business
- Daily Mail
Popular restaurant chain founded by owner of Wagamama collapses into administration
A popular restaurant chain created by Wagamama founder Alan Yau has become the latest hospitality business to fall into administration. Busaba Eathai drafted in administrators from Leonard Curtis earlier this month, potentially marking the beginning of the end for the 25-year-old group, Companies House documents show. At its peak, the chain had 16 restaurants before financial difficulties forced it to cut back to 12 in 2020. It still has a location at Lakeside Shopping Centre in Essex, and six sites across London from Westfield shopping centre to the 02 Arena. Yau opened his first restaurant in 1999 on Wardour St in London's Soho. Busaba's most recently filed full accounts date back as far as the 12 months to 17 September 2023, in which time the group slumped from a £200,000 annual profit to a £600,000 loss. It blamed the loss on higher costs, weaker London footfall owing to the cost of living crisis, and 'summer-wide disruption caused by industrial action on train and tube network'. The group only avoided a compulsory strike off last month after Busaba showed 'cause' to the registrar, according to the documents. Busaba is now fronted by chief executive Winston Robert Matthews. Matthews currently also serves as a director of Redwin Investments, Soho Investments and Ray's Manufacturing, the latter of which is overdue on its accounts, according to Companies House. Busaba is the latest hospitality firm to face financial troubles as the sector shoulders a huge increase in employment costs after hikes to national insurance contributions and the living wage earlier this year. Hospitality firms also face higher energy costs, while the industry says business rates are too high. Popular dim sum restaurant Ping Pong recently closed its remaining restaurants, bringing an end to 20 years in operation, while The Coconut Tree is set to be wound-up. Meanwhile, Oakman Inns, Brewdog and Deep Blue Restaurants have recently announced site closures. Busaba has been contacted for comment.
The Sun
24-07-2025
- Business
- The Sun
Beloved UK restaurant chain with 7 locations founded by Wagamama's owner collapses into administration
A BELOVED restaurant chain, which was created by the founder of Wagamama, has collapsed into administration. Busaba Eathai drafted in administrators from Leonard Curtis on July 16, according to filings on Companies House. 1 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.
Scottish Sun
24-06-2025
- Business
- Scottish Sun
Wagamama founder's beloved UK restaurant chain is on the edge of collapse
The Thai chain has six restaurants across the UK IN HOT WATER Wagamama founder's beloved UK restaurant chain is on the edge of collapse Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A BELOVED restaurant chain created by Wagamama's founder is on the brink of collapse. It put the future of the Thai restaurant chain, which has has six locations in the UK, in doubt. Sign up for Scottish Sun newsletter Sign up 2 Busaba Eathai has filed a notice of intention to appoint an administrator Credit: Alamy Busaba Eathai filed a notice of intention to appoint an administrator on Friday June 13 at the High Court. The notice means that the company hasn't yet filed for administration, leaving some uncertainty over what exactly could happen. Alternatives to appointing an administrator are still available, including selling the brand to avoid its collapse. The chain was launched by Wagamama founder Alan Yau in 1999, and had 16 restaurants across the UK at its peak. However, four branches closed in 2020 following a Company Voluntary Arrangement, leaving 12 sites based in London. 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 London Westfield Stratford site, as well as a new trial restaurant. Why are so many shops going bust? They hoped to appeal to younger audiences with a range of small plates and an emphasis on drinks. The CEO, Winston Matthews told MCA in March: "It will be a bit more vibey, more high energy, whereas Busaba is more relaxed and at the top end of premium casual dining." Busaba planned to trial the more budget-friendly restaurant for 18 months, but now only operate a single site at Westfield Stratford that seems to conform with the rest of the chain's brands. In recent months, other branches of the chain have closed including its sites in Bloomsbury and Kingston. A Facebook post announcing their Bloomsbury closure reads: "It's with great sadness that we announce the closure of our Bloomsbury restaurant, as our lease has come to an end. "After many wonderful years, we've agreed with our landlord that it's time to say goodbye to this beloved location." Just six sites of the chain remain, with five in London, and one in Lakeside Shopping Centre in Essex. At the time of reporting all the sites remained open as usual. 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. Busaba's menu includes a range of curries, noodle-dishes, and grills. Earlier this week, the chain celebrated its 25th anniversary with a 50 per cent discount on food from June 15-19. They emphasise community, saying on their menu: "We want to bring our guests together, leaving them in a better state of mind - satisfied, rebalanced and recharged." The Sun has contacted Bubala and their representatives Francis Wilks and Jones for comment. The hospitality industry has been under extra pressure in recent years, with a string closing down. There are extra pressure on independent businesses, where restaurants, pubs and cafes have been forced to close down due to rising costs and a drop in demand from Brits, who are suffering from a drop in disposable income. A steak chain with sites in Bristol and Cardiff announce it was closing down both restaurants in April. While Gordon Ramsey also shut a burger restaurant in Reading in the same month. Even well-known pizza chains have been faced with closures, like Papa Johns which confirmed that 43 of its restaurants would shut down in the coming months. More closures could be on the horizon due to upcoming hikes in employer National Insurance Contributions (NICs) and the national minimum wage.
