AMT Coffee was sold in a pre-pack sale to SSP for £1.75m, an administrators’ report shows.
A total of 25 of AMT’s 43 sites were included as part of the deal, with a further six subsequently sold to Gourmet Coffee Bar & Kitchen for £62.5k.
The sales excluded 12 sites, 10 in the UK and two in Ireland, which have been surrendered to the landlord.
AMT, which traded mainly in railway stations, hospitals and airports, was significantly impacted by the pandemic and travel restrictions.
In addition, the loss of key sites and inflationary pressures and meant it has been loss making for several years.
In the previous three financial years, AMT lost £1.9m, £3.2m and £1.2m respectively.
The management team tried to implement a turnaround plan focussed on repositioning the brand, and improving the product offering and quality of sites.
Despite this, in the nine months to September 2022, the company lost £1m.
In 2022, it received a funding injection from shareholders and lenders of £2m to pay for rent and HMRC liabilities.
Interpath Advisory were appointed to market the business for a potential sale, approaching 170 parties, but received no solvent offers.
As a result, Nick Holloway and Will wright of Interpath were appointed joint administrators on 18 November, making a pre-packaged sale to SSP.
Following the sale, 202 members of staff transferred to the new operators, and 100 made redundant.
