Bar & restaurant group

Year 2007-08
Company The Food & Drink Group plc
Sector Leisure – bars & restaurants
Ownership AIM listed
Icknield role Joining the board as finance director and replacing the finance team.

Leading processes to create options and find a solution.

Status at start of project Trading under performance with some locations loss making, cash flow negative, over leveraged and with the finance director having left at short notice.
Options explored Share placing – support from some institutional shareholders but insufficient new       investor interest to enable equity to be raised

Disposal of entire group or divisions – no solvent solution was found

Icknield team Steve Smith and Dorothy Szulc
Outcome Profitable parts of the group were sold through a pre-pack administration preserving all the jobs in those locations.

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