Viva Brazil, the steakhouse restaurant and bar concept, has undergone a pre-pack administration.
The four-strong group entered administration on 1 February 2017, with Kerry Bailey and Matthew Tait of BDO appointed joint administrators. It has been bought by a newly incorporated company Viva Brazil Restaurants Ltd led by Viva Brazil’s founder Andy Aldrich.
MCA revealed at the start of the year, that the company had appointed advisors as it quickly sought new investment.
It had appointed BDO to seek either new investment or a sale of the business, which is forecast to generate sales of £7.3m in the year to the end of September 2017, up from £5.7m in its most recent year. EBITDA is forecast to rise from £217k to £632k.
Founded by Aldrich in Liverpool in 2010, Viva Brazil now also has restaurants in Birmingham, Cardiff and Glasgow.
Aldrich said that he took the decision to restructure the business and ensure its long-term future following a number of “unfortunate circumstances” that were out of the company’s control. These included fires at restaurants in Liverpool and Glasgow, and the opening and closing of a site in Newcastle.
Aldrich told The Business Desk: “I can confirm that Viva Brazil Restaurants has undergone a restructure. All staff have been transferred over under TUPE and they all remain unaffected by the changes. Santander has been very supportive and we have agreed a new financial package with them which sees us in a new position of strength moving forward. We can now look forward to a secure future and I can confirm that all restaurants in Liverpool, Cardiff, Glasgow and Birmingham are performing strongly.”