As the casual dining sector looks set to be one of the worst to be impacted from the Covid-19 crisis in hospitality, Casual Dining Group, now in administration, has received multiple bids to save part of its portfolio.
Entering into administration sees 91 CDG venues close immediately with 1,900 workers losing their jobs, almost a third of the 6,000 total. That still sees 159 venues remain open and some set to reopen tomorrow, although precise reopening numbers have not been released.
The group is now for sale through administrators who are seeking buyers for the whole group, or parts. Restaurant chains Bella Italia, Belgo, Café Rouge, Huxleys, Oriel and Las Iguanas are all for sale.
Administrators Alix Partners are seeking offers for all, or parts, of the remaining business.
Like so many high street hospitality operators CDG struggled with rent payments following empty restaurants post lockdown and applied in May to appoint administrators at the High Court.
Yesterday, the company tried to remain bullish saying that it had already received “multiple offers” for the business. CEO, James Spragg was pragmatic saying: “Working alongside the administrators, we will do everything we can to support them through this process, with a view to preserving as much employment as we are able to.”
UK high streets were finding business challenging before the impact from Covid-19, many will be unrecognisable if closures continue at the present rate.
Reopening: Measure twice cut once
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casual dining administration – 3 July 2020 – casual dining administration