Island Poké acquired by White Rabbit Project
Hospitality incubator White Rabbit Project has acquired full control of Island Poké through pre-pack administration
The administrators of the London-based restaurant chain have dismissed previous discussions to enter a Company Volutary Arrangement.
The London-based restaurant chain, Island Poké, has been sold to its shareholder through a pre-pack administration.
Island Poké was sold to IP Topco Ltd, a subsidiary of White Rabbit Projects Holdco Ltd. The sale will safeguard more than 100 jobs and supplier operations.
Chris Miller, founder and CEO of White Rabbit Projects, has said: "Island Poké possesses a robust underlying business, with its core sites generating profits.
"However, the company has been hindered by substantial Covid-19 related debts, inflation and exceptionally inclement weather at the beginning of 2024. The acqusition will empower us to fortify the business."
Statement from the joint administrators
“On 26 June 2024, Jeremy Karr and Simon John Killick, both of Begbies Traynor, were appointed as Joint Administrators by the Directors of Island Poke Ltd and have concluded the successful sale of the business and assets by way of a pre-pack administration to a connected party. In so doing, the employment of over 100 staff has been preserved.
"In the circumstances, and in parallel with the CVA procedure, the directors engaged BTG Advisory to run an accelerated marketing campaign with a view to identifying a buyer for the business. Throughout this period, a constant dialogue was maintained with the secured creditor, NatWest, who approved both the appointment and sale by way of a pre-pack administration."
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