Baked Potato Specialist Closes Down 37 Restaurants After Rescue Deal Falls Through

300 jobs go as baked potato chain folds

Spudulike, the baked potato specialist and high street darling of the 1980s, has folded. 37 restaurants have closed, resulting in the loss of 300 jobs, according to the Guardian; the newspaper also reports that staff were informed by email when already preparing food for the day’s trade. A rescue deal for the chain is thought to have fallen through at the eleventh hour.

The restaurant chain had previously sought to restructure using a company voluntary arrangement (CVA.) The process — used by Jamie’s Italian and Byron Burger when closing restaurants — frequently results in creditors, including landlords and suppliers, receiving small percentages of what they are actually owed. Spudulike’s CVA was cancelled after landlords rejected rent cuts described as “shocking.” Joint administrator Neil Bennett said:

“We are very disappointed with the outcome. Sadly, a sale of the business and assets of the group on a going-concern basis did not prove possible following the last-minute withdrawal of an offer that was close to completion.”

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