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RCapital completes the restructuring of PTSR
RCapital, the turnaround specialist, has completed the restructuring of PTSR, the parent company of Little Chef.
In January, Little Chef confirmed plans to close a number of its sites that were trading. The move was part of a broader restructuring strategy that included a detailed review of the lease agreements on a number of sites.
Rents were set well above market levels and has been prompted by a deadlock in negotiations with a number of landlords.
RCapital remains the owner of the road side restaurant chain following a restructuring process which has now been completed. As a result of this move, Little Chef will continue to operate the 95 sites which it identified in January as being consistently profitable. There will be no further job losses or restaurant closures as a result.
Jamie Constable founder of RCapital, said: “Any restructuring of lease commitments is always a complex arena and needs a willingness of the landlord to negotiate. Although we have had some great support from some of our landlords, we have taken the business through a formal re-structuring process to complete the planned closures.”
Graham Sims, chairman of Little Chef, said: “Today’s announcement represents a final hurdle in long journey to complete our critical rebuilding process. We are profitable and cash generative and will continue to deliver first rate customer service to our customers. Little Chef is very much open for business.”
Source: Little Chef
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