Camino co-founders secure rescue deal
Camino, a Spanish tapas restaurant and bar group, has been acquired out of administration by its former founders through a newly created holding company, saving 77 jobs in the process.
Camino Trading Limited was recently created by Camino co-founders Nigel Foster and Richard Bigg, who now own the entirety of Camino’s business and assets.
Lockdown in March had caused the restaurant group to cease trading, before all sites were reopened throughout July and August.
However, the latest 10pm curfew and work from home restrictions further damaged demand from office workers, the group’s key consumer base.
Richard Bigg, managing director at Camino, said: “Despite Covid-19, our amazing team has made an outstanding effort to continue bringing our vibrant Spanish flavours to the UK.
“I’m hugely grateful for the team’s commitment and resilience and with the future support of our key stakeholders including our valued suppliers and landlords, we look forward to successfully continuing the Camino story.”
Damian Webb, joint administrator at RSM, who assisted the deal, added that “whilst trading remains difficult” the acquisition has “secured 77 jobs”, and will allow Camino to stabilise and expand when conditions improve.
