UK restaurant giant issues administration update after closing 23 locations | UK | News
A restaurant giant in the United Kingdom has released a major update to its management process. Fast food chain Leon has reportedly managed to exit administration after gaining the support of 100 per cent of creditors who voted under its Company Voluntary Arrangement (CVA).
After creditors approved the CVA, the healthy fast-food company can now exit administration and continue trading, but in a much smaller form. According to reports, there will be 43 restaurants in total, and more than half of them (23 locations) will operate as franchises rather than company-owned sites. General store.
John Vincent, co-founder and owner of Leon, said: “I am so grateful to all our landlords and other creditors who have shown us such strong support in recent months.
“With their support, we now have the opportunity and responsibility to return Leon to its best and help people eat well and live well every day.
“I would also like to thank all my colleagues who have worked extremely hard over the same period to stabilize the business and revive its former vitality. And finally, I would like to thank all our Leon customers who have been so patient while the business has been struggling and are now returning to our restaurants and cheering us on.”
The healthy fast-food chain was forced to appoint administrators in December (just two months after Vincent bought back Leon from Asda) to review the business and consider “future options”.
As part of the restructuring that followed, Leon later confirmed that 23 company-owned restaurants were closed; This showed how significant the cuts would have to be to stabilize the business and move towards a more sustainable model.
Vincent announced it would inject a further £2.5 million loan into the business to strengthen its finances. He is also determined to return Leon to its original identity as a brand focused on healthy food.
As part of this shift, the company recently began reintroducing classic menu items that helped define Leon’s in its early years, such as Fish Finger Wraps, Grilled Chicken Rice Boxes, and Superfood Salad.
Speaking of Leon’s plans, Vincent said: “In 2004 we wanted to help people fall in love again with fast food that tastes good and is good for you. We were pioneers in promoting gut health, anti-inflammatory ingredients, celebrating the role of good fats and warning about the dangers of sugar and overly processed foods.
“In the coming months and years, you will see us reasserting that leadership and serving many people who know how good food can help them feel good and perform better.”
