Fried chicken and waffles restaurant Bird has filed a notice of intention to appoint administrators, according to The Evening Standard.
The business, led by Paul Hemings – who co-founded it with his wife Cara Ceppetelli in 2014 – said that bank lending had dried up for restaurants. It is working with restructuring experts BM Advisory, and now has four weeks to come up with a plan to stabilise the business following cashflow problems.
Hemings told the paper that options included securing new investment, a company voluntary arrangement or pre-pack sale, with one of the agreements “imminent”.
Metro Bank withdrew Bird’s overdraft facility ahead of a new site opening last year.
MCA understands the business has a fifth site lined up to open in Brixton.