Fears for 1,000 jobs as Suffolk Burger King franchisee calls in administrators
The franchisees of 36 Burger King restaurants, including Bury St Edmunds and Wisbech, have called in the administrators putting 1,000 jobs at risk.
Nick Cropper, Ryan Grant, and Catherine Williamson of global business-advisory firm AlixPartners Services were appointed joint administrators over Millcliffe Limited and CP Foods Limited.
Companies House has the two companies listed at West Road, Ipswich, sharing operations director Reddy Lamen, of Abbot Road, Bury St Edmunds, and director Constantin Peridakis from London.
AlixPartners say they were appointed as administrators ‘as a result of the companies experiencing cash flow pressure, primarily due to delays in developing and opening new stores linked to their growth strategy’.
The administrators say they will continue to trade all the stores while exploring options for a sale of all or parts of the business and will work closely with Burger King Europe in finding suitable interested parties.
Nick Cropper said: “We are confident that the companies are an attractive proposition for a range of potential buyers.”