Ping Pong sold in pre-pack administration

The business said the extensive period of uncertainty caused by the global pandemic left it with legacy debts, including sums owed to landlords as a result of the pandemic enforced closures, and put it in the position where it would no longer be able to meet those debt repayments when they were demanded, despite having returned to profitability.

Ashley Miller and Stephen Katz of Begbies Traynor were appointed as joint administrators to London dim-sum restaurant chain on 18 November to conduct the pre-packaged administration of Ping Pong Limited.

AJT Dimsum is a new entity set up by Ping Pong’s existing management team. All 225 staff have transferred over to the purchaser, which will continue to trade from all of its existing central London sites and its central production kitchen.

The business said it would also honour all bookings and associated pre-payments made by customers prior to the sale completing.

Art Sagiryan, director of AJT Dimsum Limited, said: “I am very pleased that we have been able to secure the future of Ping Pong and its employees and look forward to a period of stability and growth going forward”.

Asher Miller, a joint administrator from Begbies Traynor, commented: “The management team are passionate about the business, their dedicated team and their customers and I am confident they will continue to operate and grow the business into the future.”