Tropeiro Restaurants, the Chester-based Brazilian-influenced restaurant chain, which was placed into administration last month, is set to enter a company voluntary arrangement (CVA).
Under the agreement, the administrators hope to issue proposals to creditors which if accepted, would allow the company to exit administration via a CVA and achieve a significant return to creditors.
The agreement, which has already seen one director leave the group that was founded in 2009 by Volnei Bogert, is expected to secure the ongoing trading of the company’s five restaurants in Aberdeen, Chester, Glasgow, Nottingham and Sheffield and most of the jobs at the business.
Ian Wright and Scott Milne of WRI Associates were appointed as joint administrators to the five-strong group’s parent company Camboriu Restaurants Limited at the start of February.
It is understood that a number of offers were made for the whole or part of the group, which had openings lined up in Southampton and Newcastle before it collapsed.
The group closed it most recent opening in Carlisle, in the Botchergate area of the town, late last year.
Wright told Insider: “We have reached agreement with the director and he has now left the business. It is expected that this will secure the ongoing trading of the five remaining restaurants and most, if not all, of the jobs in these restaurants.”