Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Restaurant group T&G Fast Food Developments announced the closure of its operations with immediate effect, resulting in the loss of 300 jobs. The group operated under the Spudulike and Fat Jackets brand names and had a network of 37 outlets across the UK. The group had attempted to continue trading by seeking a Company Voluntary Arrangement (CVA). However, landlords rejected the proposals as the rent reductions which were sought were much higher than they had anticipated. Attempts by the administrator to find a buyer for the business were also unsuccessful.
According to reports, employees were given no prior warning of the closure and the decision has left many with unpaid wages.
Eurofound (2019), T&G Fast Foods Developments, Closure in United Kingdom, factsheet number 98269, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/98269.