Two artisan pizza restaurants have been taken over as part of a pre-pack administration.
Pi Pizza, the trading name of Sourfire Limited, has been purchased by restaurant business Blueberri Limited, rescuing the firm’s 27-strong workforce after the firm lacked sufficient funding to continue trading.
The sale came after Simon Lowes and Ian Defty from insolvency and restructuring firm CVR Global were appointed as joint administrators on Monday, July 29.
Simon Lowes, Partner at CVR Global, said: “We have all seen evidence of financial difficulties with household brands within the casual dining sector and our appointment as administrators further demonstrates continued pressures within this industry.
“Attracting customers consistently requires substantial investment in areas such as marketing and product development. We are pleased to have secured a buyer that has experience of operating in this sector and with continued investment, Pi Pizza has long term potential as an affordable, artisan pizzeria.”