Future of Hub Box restaurants secured after entering administration - including the site in Gunwharf
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Hub Box, a restaurant specialising in burgers, went into administration earlier this month and was immediately sold to South West Restaurant Limited, a company run by two Hub Box directors. The move was made to ensure the future of the chain and its 10 restaurants which employ 300 people.
While it has saved the company it has also left former shareholders and creditors unhappy and out of pocket. The chief executive officer of South West Restaurant Limited, and former director of the company which went into administration, Richard Boon, has apologised and explained why they took the decision.
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Hide AdPosting on Facebook, Mr Boon said: “The reality is that the last couple of years have been incredibly tough. As with many other companies across the hospitality industry, rising food, energy, interest rates and labour costs have put increasing pressure on our cash flow.
“An investment we’d made in a new location didn’t work out. Then a washout Easter. We’ve spent months getting expert advice on how to keep our heads above water and have been heart-wrenchingly close to securing investment - but it just didn’t happen. So, we had two options. The first was liquidation – closure, 300 jobs lost.
“Our guts, hearts and heads told us that this was the path to take. Whilst we know that this isn’t ideal, it offers the best solution to a bad situation. It means our team thankfully still have jobs, and we have been able to ensure all of our local suppliers will be paid.
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Hide Ad“Of course, this isn’t a golden bullet. We don’t take the debt owed to some of our other creditors, or the significant sums lost by our shareholders, lightly. We are truly very sorry for this.”
Mr Boon also emphasised how much of a “huge and difficult decision” it been and they had “worked tirelessly to avoid” it for many months.
Mr Boon added: “We love and respect our communities in all of our locations: St Ives, Falmouth, Truro, Pentewan, Exeter, Cardiff, Portsmouth, Cheltenham, Taunton and Dorchester. We are here to continue to support them with employment and great food.”
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