Camino Trading Limited, a newly incorporated company run by Camino co-founders Nigel Foster and Richard Bigg, has agreed to acquire the business and assets of Camino following an accelerated sales process.
The group, which operates four restaurants in Shoreditch, Bankside, Monument and King’s Cross respectively, reopened its estate over July and August.
However, the shift to home working drastically reduced footfall across central locations, and demand from office workers - considered Camino's key consumer group - was hit hard.
The directors reduced the cost base and drew on the Government support measures available to the business, but trade was further hampered by the 10pm curfew.
Continued uncertainty and a lack of effective sector support led the directors to seek a restructuring solution.
RSM launched an accelerated sales process, which received interest but resulted in only one offer being made for the business and assets.
Managing Director Richard Bigg and co-founder Nigel Foster will continue to lead Camino, with the backing of their management team.
Richard Bigg, managing director of Camino, said: “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, which was founded back in 2007, also operates Bar Pepito and Bar El Rincón, both located in King's Cross.