The dessert chain Crêpeaffaire has been sold in a deal that secures 66 out of its 83 jobs.
The business, which operates in the UK, Kuwait, the Netherlands, and Saudi Arabia, was sold through a pre-pack administration on 14 January.
Business advisory firm Quantuma oversaw the sale, which led to Crepe Trading and Crepe Union acquiring the business for £149,000, according to documents filed with Companies House.
Crêpeaffaire directors Allen Kerslake and Daniel Spinach also serve as directors and shareholders of Crepe Trading and Crepe Union.
Seven of Crêpeaffaire’s nine owned locations were sold to Crepe Trading.
Crêpeaffaire has since closed its locations in Chester and Westfield shopping centre in London.
As part of the deal, the franchise division of the business was sold separately to Crepe Union.
Quantuma managing director and joint administrator Brian Burke said: “I am delighted to have achieved such a positive outcome for this well-established brand, ultimately preserving 66 jobs and its international footprint, with no disruption to ongoing operations. We look forward to seeing Crêpeaffaire achieve success in its next chapter.”
Founded in 2004, the business had been affected by rising operating costs and inflationary pressures.
“This, coupled with historic debt levels, meant that securing new/replacement funding and investment was not possible”, said the administration documents.
In the administrator’s proposal statement, the chain reported a loss of £158,500 for the year ending 31 December 2023. Heavy losses persisted into 2024, with projections for 2025 indicating continued losses.
The report states that creditors (amounts due within one year) totalled over £1.5 million, and a Coronavirus Business Interruption Loan of £720,000 was also secured in 2020.