Former Gino D’Acampo restaurant group probed by liquidators
Previously known as Gino D’Acampo Worldwide Restaurants Ltd, the now named IRG (Old) WWR Limited was placed into members’ voluntary liquidation (MVL) in April 2022.
It included five Gino D’Acampo-branded Italian restaurants, and was acquired as part of a joint venture with Individual Restaurant Group in 2020.
Iceland MD Tarsem Dhaliwal is listed as a director of both companies, while Iceland founder Sir Malcolm Walker is a director and person with significant control of Individual Restaurant Group, which operates Piccolino, Riva Blu, The Restaurant Bar & Grill, Opera Grill, and Bank.
Earlier this month, Individual Restaurant Group, which has accounts overdue, also appointed a volantary liquidator.
Teneo Financial Advisory was appointed in April 2022 to oversee the MVL process of IRG (Old) WWR Limited, whereby a solvent company with more assets than liabilities is wound up and is able to pay off all its debts.
However in June 2022, Teneo came to the view that the company would be unable to pay off its debts with interest in full within the 12-month period stated in the director’s declaration of solvency.
As a result, Azets was appointed joint liquidator, and subsequently sent a report on the conduct of the directors to the Department of Business Energy & Industrial Strategy.
Azets said it was investigating a number of issues, including why debt due to Gino D’Acampo was not included in the original paperwork relating to the members voluntary liquidation (MVL).
The joint liquidators are also looking into the previous sale of the business; the whereabouts of the company books and records; and the conducts and actions of the major stakeholders in the events leading to the liquidation of the company.
According to recent filings to Companies House, one creditor has debts totalling £5.38m.
Azets said it had received a claim totalling £4.53m.
Individual Restaurants’ 28 sites were acquired by Walker and Dhaliwal’s Ice Acquisitions Limited in November 2020 in a rescue deal worth more than £40m.
The pair had already backed the restaurant collection as investors since 2011.
The joint venture with D’Acampo was not reported to be included as part of the deal at the time.
In January 2022, five D’Acampo restaurants launched in partnership with Individual Restaurants were rebranded as Riva Blu.
According to his website, D’Acampo still has six restaurants trading, which are unrelated to Individual Restaurants.
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