The Coconut Tree, a Sri Lankan restaurant group rescued from administration last year, will open a new branch on Broad Quay in Bristol at 5pm on August 28. This will be the group's second outlet in the city, following its existing site on Gloucester Road.
New Bristol branch details
The Broad Quay restaurant will serve authentic Sri Lankan dishes and original cocktails. It will feature outdoor dining for more than 50 people and three virtual darts lanes set within a drinks area. The venue marks the group's seventh site overall, with existing locations in Cheltenham, Bath, Bournemouth, Oxford, Reading and Bristol's Gloucester Road.
The restaurant is the first opening since founders Praveen Thangiah and Shamil Fernando took control of the business through their company MPS Hospitality last year. The group was founded in Gloucestershire a decade ago by a group of friends.
Rescue from administration
The Coconut Tree appointed administrators from Mazars last November after failing to keep up with payments on a Company Voluntary Arrangement (CVA), a process allowing a business to pay back its debts. The tipping point came when the business defaulted on a £1.6m tax bill.
The deal with MPS Hospitality saved more than 150 jobs and allowed the restaurant group to continue trading, with two of its founders at the helm. It is understood no suppliers, employees or local business partners were left out of pocket following the administration.
Founders' commitment
Mr Thangiah said: “We’re keeping the essence of The Coconut Tree the same, and our focus is on creating a more sustainable business for the future. Our restaurants are supported by an experienced team that has been the heart of The Coconut Tree for many years. We’d like to thank everyone for their support as we open our seventh site.”
Mr Fernando added: “The Coconut Tree has been a huge part of our lives for many years. We bought the business because we care deeply about it and the people behind it, and believe in our authentic Sri Lankan food and drink.”
The Broad Quay Bristol branch will open at 5pm on August 28.
