In a significant rescue for the UK's hospitality sector, the beloved Middletons Steakhouse & Grill chain has been saved from the brink of collapse, securing the future of its seven restaurants across the country.
A Last-Minute Rescue Deal
The chain's parent company, Gastro Pubs Limited, fell into administration on Friday, November 14, with Tim Bateson and James Clark from Interpath appointed as joint administrators. The business had been struggling against a backdrop of soaring labour costs and challenging trading conditions impacting the wider industry.
However, in a swift turnaround, the administrators successfully negotiated a sale of the business to a new group, which is controlled by the steakhouse's existing shareholders. This transaction ensures that all seven locations in Chelmsford, Colchester, King’s Lynn, Leicester, Milton Keynes, Norwich, and Peterborough will continue to operate.
Preserving Jobs and a 'Great' Reputation
This deal is not just about saving restaurants; it's about protecting the livelihoods of the dedicated teams behind them. The rescue package preserves the jobs of all loyal staff members across the estate.
Middletons has built a strong reputation among its patrons, with guests frequently praising the quality of its food. Its survival will be welcomed by steak enthusiasts in towns and cities throughout Britain.
Wider Context: A Challenging Climate for Hospitality
Tim Bateson, director at Interpath, commented on the difficulties facing the sector. He stated, “Hospitality businesses up and down the country continue to battle hard in the face of strong trading headwinds.” He expressed relief that a solution was found, allowing the popular steakhouses to continue trading.
In a separate piece of positive news for the UK high street, Poundland has also shown signs of a fightback. After closing 57 shops by the end of September, the retailer has recently reopened six locations, including its store in Perry Barr's One Stop Shopping centre, which shut on November 2 only to reopen weeks later. Shops in Dundee, Livingston, Musselburgh, Porthcawl, and Andover have also welcomed back the discount chain.
