Bristol-based Chinese fast food chain, Hotcha has entered administration as HM Revenue and Customs investigates a £35m money laundering scheme.
Tax investigators carried out a dawn raid in early October and a total of 10 people were arrested at the time. The company then entered administration on 18 October.
In a short statement, Hotcha said: “Simon Thomas and Arron Kendall of Moorfields, 88 Wood Street, London, EC2V 7QF were appointed joint administrators of Hotcha Limited on October 18, 2017.
“The administrators now manage the affairs, business and property of the company. The joint administrators act as agents only and without personal liability.”
The company was founded by James Liang and Andy Chan in 2011 and grew to 12 branches with 140 employees.