Restaurant group enters administration
A Meriden company which owns a group of restaurants throughout the Midlands has entered administration.
Morgan Food Group, which ran the Stonebaked Pizza Co in Leicester, as well as the Napoli and Harpers British Classics chains appointed MB Insolvency of Droitwich on 24 January.
The Stonebaked Pizza restaurant in the Highcross shopping centre in Leicester opened five years ago but has closed with immediate effect. Harpers British Classics has a venue in intu Derby.
In its latest accounts, Morgan Food Group, which owned six restaurants, said it was working towards a franchise model for its brands, but had taken a £100,000 lease surrender hit after closing one of its sites after it was “significantly affecting” profits.
The accounts, for the 18 months to 23 September 2018 show that Morgan Food Group posted a loss of £330,139, after turning a profit of almost £20,000 for the 12 months to 26 March. The company blamed “tough market conditions” for the performance.
