Seaco acquires Busaba out of administration

Busaba has been sold in a pre-pack administration deal to Seaco Investments, safeguarding around 240 jobs across its seven remaining sites.

News comes after the Thai restaurant group entered administration on 16 July, with Neil Bennett and Alex Cadwallader of law firm Leonard Curtis appointed joint administrators. The sale to Seaco Investments was secured immediately afterwards.

Busaba, launched in 1999 by Wagamama founder Alan Yau, once operated 16 sites across the UK but has struggled in recent years. In 2020, the group entered a company voluntary arrangement (CVA), reducing its estate to 12 London locations.

In a statement, Bennett said: “Busaba has experienced tough trading conditions over the past few years, in line with the hospitality industry in general, including the negative consequences of the cost-of-living crisis, inflation and a substantial increase in utilities costs.

“The pre-pack sale has allowed us to transfer the business smoothly and has saved a long-standing London Thai restaurant along with hundreds of jobs.”

A challenging period before the pandemic saw profits fall and Busaba’s regional portfolio – which once included Manchester, Liverpool and St Albans – significantly reduced.

In 2022, the group opened an izakaya-inspired bar called Ajia alongside a new restaurant in Oxford, both of which closed in 2023. Its Bloomsbury and Kingston sites in London have also since shut.

As of 24 July, Busaba’s estate comprises six restaurants in London and one regional site at Lakeside Shopping Centre in Essex.

The company’s most recent published accounts, for the year to 17 September 2023, show that pre-tax losses narrowed from £3.1m to £1.8m. Turnover dipped slightly from £21.2m to £21.1m, while EBITDA fell to a loss of £636,000 from a profit of £172,000 the previous year.

Accounts for the year ended 14 September 2024 are overdue, according to Companies House.

Busaba has been approached for further comment.