London-based health food chain Island Poke has called on restructuring giant Begbies Traynor for help.
Two partners, one from the firm’s business rescue and recovery team and the other from its insolvency group, are named as nominees for the chain to file an application to the High Court.
The partners submitted a company voluntary arrangement (CVA) application to the court on Wednesday on behalf of Island Poke.
As defined by Begbies, a CVA provides a way for companies in distress to pay off their debts over a fixed period of time. It offers the opportunity to address issues surrounding management and operational systems that were not working.
Island Poke first opened in 2016 in Soho’s Kingly Street. Since then, it has grown to have 16 restaurants across the capital including in Canary Wharf, Broadgate Circle and Bank, as well as a branch in Brighton.
The chain specialises in poke, a Hawaiian dish made up of diced raw fish tossed in sauce and vegetables. It also credits itself as creating Europe’s first vegan poke.
According to the companies’ accounts on Companies House (up to 1 January 2023), it was noted: “Even thought the company is loss making and in net liability position, the directors consider that the company can operate viably and meet its obligation as they fall due for a period of 12 months from the date of this report.”
The company was approached for a comment. Begbies Traynor has been approached for comment.