The future of Grillstock, the fledgling barbecue concept, has been placed into doubt after co-founders John Finch and Ben Merrington stepped down from the business as directors, MCA understands.
At the same time, Turtle Bay founder Ajith Jaya-Wickrema has also stepped down from the five-strong business amid speculation that it is facing cash flow problems. It is understood that the business has received a winding-up petition.
At the end of last year, MCA reported that the company was seeking a cash injection after it reported a loss of £560.1k for the 12 months to 29 November 2015 and admitted to facing difficult trading conditions subsequent to the year end.
The company had entered into non-binding heads of terms with equity investors for an additional £150k cash injection into the business by new investors. A further £150k had already been provided (for equity) by its existing investors since its year end.
The group pulled out of opening in Exeter last year and is yet to open in Liverpool, after flagging up it had a site in the city’s St Martin’s Square as far back as 2015.
It was also previously linked to sites in Reading and Cardiff.
The group’s directors also include Andre Plisnier, the co-founder of the Belgo brand. Plisnier founded Belgo in 1992 with Denis Blais, before selling the business six years later to Luke Johnson.
The first Grillstock Smokehouse opened at Triangle West in Bristol’s Park Street in June 2013.
The group operates a further site in Bristol, plus units in Bath, Leicester and Walthamstow.
