Restaurant chain saved after restructuring is completedDec 14, 2019
THE FUTURE of restaurant chain Buddies USA has been secured after completion of the company’s restructuring.
The brand has been under threat for much of this year, after Northampton-based Simpson Catering unearthed financial problems of which they were unaware when the firm took over the business in 2018.
The final legal and financial technicalities have been concluded and the restructure has saved 68 jobs, although four of the chain’s nine restaurants have been closed.
Business recovery and insolvency specialist Gary Pettit, of Northampton-based PBC, advised Simpson Catering on their plans. “The king is dead, long live the king,” he said. “The reconstruction was successful, everyone involved in the process has been very supportive and upbeat regarding its future prospects and the Buddies USA brand can now move forward.
“This has been a long challenging process for the directors, with its fair share of twists and turns along the way,” he said. “The company was voluntarily wound up while I, as the liquidator, stepped in to ensure it continued to trade as normal.
The ‘new’ business has been sold back to Simpson Catering under the restructure, he added.
Buddies USA has been a fixture around Northamptonshire since the first restaurant opened in 1981. The five remaining restaurants are in Northampton town centre Grange Park, Sixfields, Rushden and Old Stratford.
Mr Pettit said: “I am extremely pleased for the directors, whose hard work to help achieve this reflects their determination to build on the great reputation Buddies USA has built for itself around the local area and I wish them well for the future.”