A North East leisure company is part of a new group formed to save a chain of restaurants.
The Italian fast-casual chain Vapiano went into receivership in April and advisors from Duff and Phelps were officially appointed as administrators earlier this month.
The restaurant group’s director Mario Bauer acquired the global Vapiano brand and franchising rights, along with a number of restaurants in Germany, France, Luxembourg and Australia.
Soon afterwards, a joint venture of investors and a newly-formed enterprise called Savour Group – made up of representatives from a trio of investing families, including Naveen Handa of the Newcastle- based Cairn Group – made a successful bid for the UK business.
Vapiano has restaurants in Edinburgh, London and Manchester but the partnership could lead to more openings in other cities.
The Vapiano investors have set up a partnership with Savour Group, which has been founded by three family offices.
These include the London- based Dominvs Group, which has firms focused on the hospitality, residential and commercial real estate sectors, and Naveen Handa who is a director at Cairn Group, which owns and operates more than 30 hotels including The Royal Station Hotel in Newcastle.
The third member of the Savour Group is Krit Srichawla, CEO of Fico Group, a leading company in the food and hospitality sector.