The Birmingham based Burger chain of 29 UK restaurants, founded by three brothers Chris, Richard and Matthew Sargeant, went into administration following the increasing debt that the firm has accumulated, and nine outlets were closed immediately, with the loss of 163 jobs. However the 20 remaining trading Handmade Burger Co outlets have now been sold by administrators as part of a ‘rescue deal’ which could save as many as 530 jobs.
Joint administrator Julien Irving from Leonard Curtis Business Rescue & Recovery, said: “Since our appointment on 6 July we have worked hard to secure the most favourable outcome for all creditors. Despite being unable to propose a CVA, we have since managed to secure a buyer for the business and are delighted that this positive outcome has been achieved”.
The most recent accounts filed for the company, which is registered as The Sargeant Partnership at Companies House, reveal turnover of £16,011,435 from 16 restaurants in the year to 31 December 2015 with pre-tax profit of £810,986.