Polpo Ltd, the operator of five restaurants which traded under the Polpo brand, is shortly expected to enter into administration.
The Soho and Chelsea sites are currently trading, whilst the Covent Garden, Smithfield and Brighton sites have not traded since COVID-19 lockdown restrictions began in March.
The Polpo name belongs to a different entity, which means whoever might buy one or more of these sites will need to trade under a different name.
We are instructed to invite offers for the physical assets and a licence to occupy with a view to assigning the existing lease or some variation thereof, on a site by site basis.
Please see the attached spreadsheet showing details of the lease at each site, including estimated current rent arrears. It is important to note that any offer which depends upon an assignment of the lease, will need to significantly exceed the current level of rent arrears at the site in question, in order that after legal costs are taken into account, there is a surplus for the administrator.
It should also be noted that we are advised in the instance of Soho and Chelsea, there are onerous requirements in relation to any new tenant being approved by Shaftesbury PLC and Cadogan Estates, the respective landlords.
In the first instance, interested parties should contact Jonathan Kay at Robson Kay on 0161 998 8111 or email email@example.com.
BIDDING DEADLINE: Noon on Wednesday 30th September 2020