{"id":2027012,"date":"2019-03-04T12:01:19","date_gmt":"2019-03-04T12:01:19","guid":{"rendered":"http:\/\/www.thebusinessdesk.com\/westmidlands\/?p=2027012"},"modified":"2019-03-05T06:47:53","modified_gmt":"2019-03-05T06:47:53","slug":"hundreds-of-jobs-at-risk-as-restaurant-group-sets-out-cva-plans","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/westmidlands\/news\/2027012-hundreds-of-jobs-at-risk-as-restaurant-group-sets-out-cva-plans","title":{"rendered":"Hundreds of jobs at risk as restaurant group sets out CVA plans"},"content":{"rendered":"

Hundreds of jobs are at risk after Boparan Restaurant Group confirmed plans to shut one-third of its restaurants through a Company Voluntary Arrangement (CVA).<\/p>\n

\"\"

Ranjit Boparan (Credit: Parliament TV)<\/p><\/div>\n

The Birmingham-based group, which operates a number of casual dining brands including Harry Ramsden\u2019s, is part of the same Boparan family of business that includes 2 Sisters Food Group. If the CVA is approved, its parent company led by Ranjit Boparan will inject \u00a310m into the business.<\/p>\n

Although Harry Ramsden’s is unaffected, its Giraffe and Ed’s Easy Diner chains will see significant closures – with 27 of the 87 restaurants planned to shut.<\/p>\n

It is expected that 20 Giraffe and seven Ed’s Easy Diner sites have been earmarked for closure, while the group is seeking rent reductions at a further 13 sites. However the 17 sites which are operated as franchises are unaffected by the proposed CVA.<\/p>\n

The plans would result in around 340 of the 1,300-strong workforce losing their jobs.<\/p>\n

The brands were acquired by Boparan in June and October 2016 respectively.<\/p>\n

Tom Crowley, chief executive of BRG, said: “We have been examining options for the two brands for some time and the CVA is the only option to protect the company.<\/p>\n

“The combination of increasing costs and over-supply of restaurants in the sector and a softening of consumer demand have all contributed to the challenges both these brands face.”<\/p>\n

The two brands are operated by a Boparan group company, Giraffe Concepts. Its most recent accounts, published in October for 2017, showed a pre-tax loss of \u00a39.9m on sales of \u00a367.1m.<\/p>\n

\"\"

Ed’s Easy Diner at Grand Central<\/p><\/div>\n

Ed’s Easy Diner has regional sites in Birmingham at Grand Central, Arena Birmingham and in Selfridges, while Giraffe operates in Grand Central and Birmingham Airport.<\/p>\n

Will Wright, restructuring partner at KPMG, said: “This CVA seeks to address the cost of the company’s leasehold obligations across a number of unprofitable sites, and if successful, will put the business on a surer financial footing.”<\/p>\n

The CVA proposal will be voted on by creditors on March 21 and will require 75% approval for it to happen.<\/p>\n

The casual dining sector has been under pressure for the last couple of years through a combination of weaker consumer confidence, rising costs, and the impact of fast expansion of the sector.<\/p>\n

Burger brands Byron, Gourmet Burger Kitchen and Handmade Burger Company have all shuts sites or restructured, while Giraffe\u2019s competitor chains including Jamie\u2019s Italian, Prezzo and Strada have also downsized.<\/p>\n","protected":false},"excerpt":{"rendered":"

Birmingham-based group wants to shut one-third of its restaurants<\/p>\n","protected":false},"author":18,"featured_media":2026626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,9],"coauthors":[81],"class_list":["post-2027012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-property","tag-featured-story"],"yoast_head":"\nHundreds of jobs at risk as restaurant group sets out CVA plans | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"Birmingham-based group wants to shut one-third of its restaurants\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/westmidlands\/news\/2027012-hundreds-of-jobs-at-risk-as-restaurant-group-sets-out-cva-plans\" \/>\n<meta property=\"og:locale\" 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