RCapital, the turnaround specialist backer, has announced it has completed the restructure of PT Specialist Retail Ltd, the parent company of Little Chef, the iconic roadside chain, which included the closure of 67 sites. It is thought that the chain has undergone a second administration process as part of the restructure in order to shed itself of several leases with rents that RCapital said were set “well above market levels”, RCapital said that it remained the owner of the roadside restaurant chain, which will continue to operate its remaining 95 profitable sites. The company, which acquired Little Chef out of administration in 2007, said the move was part of a broader restructuring strategy that included a detailed review of the lease agreements on a number of sites and had been prompted by a deadlock in negotiations with a number of landlords. According to The Times, former owner Travelodge, which remains a landlord to many of the sites next to its hotels, is said to have been amenable to renegotiating rents on most of its sites, but Israeli property group Arazim Investments was unwilling to cut its rents, therefore forcing the chain to go down the pre-pack administration route. Jamie Constable founder of RCapital said: “Any restructuring of lease commitments is always a complex arena and needs a willingness of the landlord to negotiate. Although we have had some great support from some of our landlords, we have taken the business through a formal re-structuring process to complete the planned closures." Graham Sims, chairman of Little Chef, said: “Today's announcement represents a final hurdle in long journey to complete our critical rebuilding process. We are profitable and cash generative and will continue to deliver first rate customer service to our customers. Little Chef is very much open for business." Sims told the newspaper that the negotiations with Travelodge meant that 21 of the 67 sites earmarked for closure had become “marginally viable” and would stay open for up to a further six months, deferring about 100 of the proposed redundancies. RCapital said that there would be no further job losses or restaurant closures as a result of the latest announcement. Last month, Little Chef said that the 67 sites earmarked for closure had been trading unprofitably for a number of years due to “a variety of economic and locational factors”. It said that the decision to close the sites had not been taken lightly, but would allow the company to focus on developing its remaining sites, including the continued introduction of its new “Heston Blumenthal-influenced” concept.