London's sushi and poke bowl quick service chain, Abokado has been sold in a pre-pack administration, but the 150-strong workforce has been made redundant in the process.
A pre-pack administration is an insolvency procedure where a company arranges a deal to sell its assets to a buyer before appointing administrators to facilitate the sale.
The company, which launched in 2004 and has 19 sites across the capital, has been sold to Montway Holdings, of which Abokado co-founder Mark Lilley is a director.
Lilley said that that the new investment group will support it “to breathe new life into the business”.
Abokado had been struggling since it launched a CVA last year after becoming the victim of a sophisticated banking fraud, and seeing a sharp fall in sales.
With lockdown and then the slow return of less people back to work, the chain, which is entirely dependent on London’s office community, were unable to reopen.