Angus Steakhouse has hired KMPG to secure a rescue deal for the restaurant chain, which is on the verge of going into administration, The Telegraph has reported.

The business, owned by the Gateshead-based Noble family is looking to secure rent concessions from landlords, who have been written to by KPMG asking them to forgo rent payments until lockdown trading restrictions are lifted.

Landlords have also been asked to agree to the payment of rent on a daily rate, rather than quarterly, once the company’s restaurants have reopened.

According to The Telegraph, while the majority of its landlords have agreed to the concessions, KPMG said there was “significant uncertainty” about whether it could reach an agreement with all of them, and that is was now preparing for administration in the event it failed to secure deals with all landlords.

Landlords have been given until 5pm today (10 March) to respond.

Founded in the 1960s, Angus Steakhouse has five restaurants, including a flagship site in Piccadilly Circus.

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