The popular casual Peruvian restaurant group, Ceviche, is in trouble. Restaurateur and entrepreneur Martin Morales, who founded the group on Frith Street in Soho in 2012, has blamed challenging economic conditions, generally, and Brexit, specifically, for the company’s woes over the last 18 months.
The Sunday Times reports that the company gave notice of its intention to enter administration last week — that its debts are unsustainable.
Morales said he had been working urgently to seek a buyer to avoid entering administration. The company employs 170 members of staff.
Ceviche has restaurants in Old Street as well as the original in Soho. Morales, who was born in Peru, is a self-taught chef who worked in the entertainment business before moving into hospitality. Ceviche’s opening was the first of its kind — a sort of Peruvian Wahaca — and came at a time of a new interest in Peruvian cuisine in London.
In recent company documents, Ceviche’s bosses had blamed Brexit, as well as a rise in business rates and staff costs, for its change in fortune.
The last 18 months had been challenging because of “economic and political uncertainty,” Morales said.
The company’s affiliate brand, Andina, which has four sites, is apparently not affected.
This morning, however, the former iTunes and Disney music executive told Propel that he remains confident he can secure the future of the business.
Correction: An earlier version of this article wrongly stated that Martin Morales worked as a producer for Universal Music.