The Thai restaurant chain Busaba has been sold through a pre-pack administration deal following its entry into administration on 16 July.
Following their appointment, administrator Leonard Curtis arranged a pre-pack sale to Seaco Investments, led by finance professional Ronald Seacombe.
The deal has saved approximately 240 jobs at the restaurant chain.
Before the pre-pack deal, Busaba Eathai operated as a modern Thai restaurant from six locations in London and one in Essex, having recently marked its 25th anniversary.
The administrator reported that after an “extremely challenging trading period,” the chain faced the risk of closure unless a sale through administration could be achieved.'
Joint administrator Neil Bennett said: “Busaba has experienced tough trading conditions over the past few years, in line with the hospitality industry in general, including the negative consequences of the cost-of-living crisis, inflation and a substantial increase in utilities costs.'
'The pre-pack sale has allowed us to transfer the business smoothly and has saved a long-standing London Thai restaurant along with hundreds of jobs.'
Terms of the deal were not disclosed.
The Thai restaurant group entered administration last week, following the filing of a notice of intention to appoint administrators in June.
This development follows the closure of Busaba’s Bloomsbury restaurant in April, after its lease expired, as well as the recent shutdown of its Kingston upon Thames location.
Busaba was founded in London in 1999 by Alan Yau, the restaurateur also known for creating the Wagamama and Hakkasan groups.
Once celebrated as a pioneer in casual dining, the chain started expanding beyond London in 2016, opening locations in Liverpool, Manchester, St Albans, and a franchised restaurant in Dubai; however, all of these sites closed within three years.
In September 2020, the group entered into a company voluntary arrangement (CVA) while operating 13 locations in London, of which six remain open today.
Busaba made a second attempt at regional expansion in recent years with openings in Cardiff and Oxford; however, both locations closed in 2023. Last year, the group announced it would concentrate on London and its surrounding areas.