Camino secures rescue deal, saving 77 jobs

Spanish restaurant group Camino has been bought out of administration in a rescue deal, securing 77 jobs.

The company's four London restaurants and two bars have been sold to its co-founders Nigel Foster and Richard Bigg, who launched the business in 2007.

All Camino's sites reopened after lockdown in July and August, but a drop in footfall from office workers and the impact of the 10pm curfew led to the directors appointing RSM to seek a restructuring solution.

An accelerated sales process was launched, but only one offer was made for the business and assets.

Camino has now been acquired by a newly incorporated company led by Bigg and Foster, who will continue to lead the business with the existing management team.

Bigg said: "Camino was born from a love of bars and restaurants combined with a passion for Spain. Despite Covid-19, our amazing team has made an outstanding effort to continue bringing our vibrant Spanish flavours to the UK.

"I'm hugely grateful for the team's commitment and resilience and with the future support of our key stakeholders including our valued suppliers and landlords, we look forward to successfully continuing the Camino story."

Camino runs a restaurant and two bars in London's King's Cross, as well as locations in Bankside, Shoreditch and Monument.

Damian Webb, joint administrator at RSM, said: ‘Despite the commendable support provided by the government, the pandemic and associated lockdown measures have presented significant challenges to the casual dining industry.

"Whilst trading remains difficult, this deal has secured 77 jobs and will allow the Camino brand to stabilise and grow when market conditions improve.'

A number of other casual dining chains have undergone restructuring since being forced to close in March, including Wahaca, PizzaExpress and YO!.