Camino, the Spanish tapas restaurant and bar group, has secured a rescue deal, saving four restaurants, two bars, and 77 jobs.

Camino Trading Limited, a newly incorporated company run by co-founders Nigel Foster and Richard Bigg, has agreed to acquire the business and assets of Camino following an accelerated sales process.

The London-based group reopened all its sites in July and August, however the shift to home working drastically reduced footfall across central locations and demand from office workers, the group’s key consumer group.

The directors reduced the company’s cost base and drew on government support measures, but trade was further hampered by the 10pm curfew.

The continued uncertainty and a lack of effective sector support led to the need for the directors to seek a restructuring solution.

RSM launched an accelerated sales process which received interest however resulted in only one offer being made for the business and assets.

Managing Director Richard Bigg and co-founder Nigel Foster will continue to lead Camino, with the backing of their experienced management team.

Richard Bigg, managing director of Camino, said: “Despite Covid-19, our amazing team has made an outstanding effort to continue bringing our vibrant Spanish flavours to the UK. I’m hugely grateful for the team’s commitment and resilience and with the future support of our key stakeholders including our valued suppliers and landlords, we look forward to successfully continuing the Camino story.”

Damian Webb, joint administrator, RSM said: “Despite the commendable support provided by the Government, the pandemic and associated lockdown measures have presented significant challenges to the casual dining industry. Whilst trading remains difficult, this deal has secured 77 jobs and will allow the Camino brand to stabilise and grow when market conditions improve.”