Tapas Revolution sold in pre-pack deal

Tapas Revolution’s group business and assets have been sold to Tapas Bidco in a pre-pack administration deal for £235k.

Tapas Bidco is led by James Picton who is the former managing director of Tapas Revolution’s parent company Spanish Restaurant Group.

Tapas Revolution appointed administrators from RG Insolvency on 5 April after the company was hit with a 300% increase in energy costs.

Spanish Restaurant Group does not operate the restaurants but owns the equity in its subsidiaries meaning the restaurant operations should not be impacted following the sale.

An administrators report filed on companies house stated: “Initial pandemic exhausted the reserves, leaving the business weak in terms of cash flow and balance sheets and has more recently been impacted by the costs of living crisis, which has seen turnover fall significantly, costs increase due to the inflation levels and the significant rise in energy pricing which has risen over 300%.”

Tapas Revolution was founded by Ken Sanker, Douglas Smillie and Omar Allibhoy with the first site opening in Westfield Shepards Bush in 2010.

The company embarked on a joint-venture partnership with Spanish Restaurant Company in February 2020.