Benito’s Hat brand to live on despite business entering administration

Irvin Cohen and Gary Shankland from Begbies Traynor acted as joint administrators, and have overseen a pre-packaged sale to DGMP UK for four of Benito’s Hat’s eight restaurant locations.

In a statement, Begbies Traynor said it was first engaged in late January 2020 to assist with marketing Pico’s Limited, which traded as Benito’s Hat, for sale.

Sites in Bromley, the O2, St Albans and London’s King’s Cross were permanently closed on the 28 February; and the remaining four, in Oxford Circus, Covent Garden, Farringdon and Oxford Westgate, closed a few days prior to the date of administration, following Government advice in connection with the Coronavirus crisis.

The pre-packaged deal will see the Covent Garden, Oxford Circus, Farringdon and Oxford Westgate restaurants reopen, under the Benito’s Hat brand, once the restaurant industry is able to recommence trading.

Benito’s Hat was created by Ben Fordham and Mexican chef Felipe Fuentes Cruz and opened its first restaurant in London’s Goodge Street in 2008.

Last year the business entered into a Company Voluntary Arrangement (CVA)​​ after suffering cashflow problems and slower than expected maturity of new stores.