Bar and charcuterie saved from administration
Popular bar and charcuterie, Friends of Ham, has been saved from administration by an independent buyer.
TheBusinessDesk.com this morning reported that the popular restaurant, which has premises in Leeds and Ilkley, had entered administration. Now it has been announced that independent buyers Glentrool have purchased the two sites – saving 34 jobs. Glentrool has 25 years’ experience within the corporate sector and drinks industry.
Katie Pannu, of Glentrool, said: “We are delighted to be investing in such a unique and vibrant business and want to confirm that all of the remaining employees from each of the locations have been retained.
“Friends of Ham has been meticulously developed by Anthony and Claire Kitching over the past 5 years as the go to destination for the craft beer and food lovers of Leeds. It is a fantastic concept in great locations with loyal customers. Our investment ensures the future of Friends of Ham and we look forward to working with Anthony and Claire.”
Ham and Friends went into administration on the 7 August and its notice of administration was made public this morning. Charles Brook and Michelle Chatterton of Poppleton and Appleby were appointed joint administrators by the company’s directors.
Trading in New Station Street, Leeds, since 2012, the business introduced a novel and popular experience for its clientele, specialising in charcuterie, cheese and craft wines and beers.
A spokesperson said: “The original business in Leeds remained very popular with loyal and new clientele but the business in Ilkley took longer to establish itself. Meanwhile, the companion business of Ham & Friends, operated through a separate company, didn’t flourish and was latterly re-launched as a drinking venue trading as Lucky No. 7.
“After in-depth reviews, the directors reluctantly concluded that a sale of the businesses, as a going concern, should be pursued urgently with a view to saving jobs and improving the outcome for creditors.”
Charles Brook. Partner of Poppleton & Appleby. said: “In a highly competitive market the cost of managing the development of the Ilkley and Merrion Street businesses placed significant strain on the combined financial resources of the two companies. Although the original business was resilient, cash flow suffered and the companies came under increasing pressure to maintain payments to their creditors.
“The directors took advice and it was initially hoped that a CVA might be proposed to and agreed by creditors; however, even as those proposals were distributed, it became apparent that the protracted UK heatwave had caused a significant short-term reduction in footfall within the Leeds City Centre and especially at the flagship premises which didn’t have the benefit of an outdoor area for its clients.”
The Joint Administrators were represented by Peter Harling a Partner at Chadwick Lawrence LLP Solicitors in Leeds. Marketing and valuation support was provided by Daniel Hey of Walker Singleton, Chartered Surveyors. Glentrool were represented by Matthew Thompson and Dahren Naidoo of Freeths Legal Services.
