The baked potato specialist, Spudulike is currently seeking landlords’ backing for an attempt at a rescue restructing effort. Spudulike is hoping to receive rent reductions. The chain was popular between 1980-1990, with famous endorsements such as; Harry Enfield and Kathy Burke.
Landlords, who are being asked to approve the changes next week, said they were being asked to slash rents to as little as 10% of turnover and offer a business rates holiday in order to keep Spudulike afloat. The Advisory firm Leonard Curtis is understood to have been appointed to lead the process.
The company, which was founded in 1974 and also trades as Fat Jackets, is aiming to restructure via an insolvency process known as a company voluntary arrangement, which has previously been used by a string of retail and restaurant groups, including Debenhams, Topshop owner Arcadia Group, Mothercare and Carluccio’s, to downsize.
But landlords said they were shocked that the scale of rent cuts being demanded by Spudulike was much more severe than previous companies had sought. “If you compare it to Arcadia, it’s much more demanding,” one landlord said. Another said that creditors had not been consulted about the “shocking” proposals.
