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Tootsies restaurant chain into administration 19 October 2009

Eleven of the 21 sites have been sold in a pre-pack deal to rival restaurant operator Giraffe for £2.5m, with the preservation of 278 jobs. BDO are seeking interest in the remaining sites.

Clapham House says that all other parts of the business, namely the Gourmet Burger Kitchen and The Real Greek businesses, are unaffected by this action and will continue to trade as normal.

Given the current economic outlook and the prolonged downturn in trading and profitability at the Tootsies business, the Clapham House Board believes there is little prospect of the Tootsies business as a whole generating a profit in the near future. They therefore withdrew funding and placed the business into administration.

As a result, and after extensive review, the solvent restructuring of the Tootsies business is not considered to be a viable solution.

David Page, Chairman of The Clapham House Group says::"We have taken the steps described in this announcement with great regret, having spent considerable time researching alternative strategic options for Tootsies.

 

 

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