Friska sold in pre-pack

Bristol café and quick-service restaurant chain Friska has been sold in two tranches after entering administration on Monday.

The business, which grew to 12 restaurants at its peak, has been divided between an unidentified third party and existing management.

The goodwill and trading names and assets at five of the current eight sites, in Bristol, have gone to the unidentified third party.

Existing management, led by Griff Holland and Ed Brown have bought two Bristol sites which will trade under a different brand.

The appointment of Mazars as administrator came after Friska had implemented an expansion strategy, with sites in Manchester and Birmingham as well the existing Bristol sites.

Friska fell foul of Covid and entered a CVA (company voluntary arrangement) last October with a view to exiting the Manchester and Birmingham markets, re-negotiating terms with landlords, and refocussing future operations in Bristol.

The pandemic continued to badly impact the business. Now 35 employees have transferred to the new owners.

Mark Boughey, joint administrator, said: “While the hospitality and retail sector continues to experience challenges, due to Covid, we hope that the government’s recent announcement and the lifting of restrictions on 19 July will enable the business to re-open and thrive under new ownership, safeguard the jobs of employees and retain tenants for local landlords.”

The YFM Equity Partners-backed group incorporated 12 years ago. It made a loss in the full year to 30 September 2018, of £799.8k (2017: -£487.4k).

YFM bought into the group in July 2017.