Pizza chain Tre Ciccio has entered ‘temporary administration’ as it tries to shore up the business finances.
The Italian restaurant group, which has sites in Bramhall, Altrincham and Ramsbottom, appointed administrators on 17 January.
The Tre Ciccio sites in Altrincham and Ramsbottom are still open for trading, but the Bramhall restaurant is currently closed. It is thought that Tre Ciccio Bramhall will reopen in February.
A post on Tre Ciccio’s Twitter account said: “We can confirm Tre Ciccio Ltd is in temporary administration due to losses in our Bramhall restaurant.
“However, we are open in Altrincham & Ramsbottom, trading as normal & it’s business as usual while we go through a restructuring process.”
Administrator Patrick Lannagan said: “Trading at the Altrincham and Ramsbottom restaurants will continue as normal while we assess the financial position of the businesses. The restaurant located in Bramhall was closed shortly prior to the appointment of administrators with a reopening planned for February 2020.
“Given the popularity of the restaurants, we are confident that we can achieve a positive outcome for all of the sites.”
It is understood that no redundancies have been made at this stage.
The first Tre Ciccio restaurant opened in Altrincham in 2018, followed swiftly by sites in Bramhall and Ramsbottom.
Roughly translating as ‘three chubby friends’ Tre Ciccio specialises in Neapolitan pizza and south Italian cooking such as roast chicken.
Tom Fox, Licensed Insolvency Practitioner at Umbrella Insolvency said: “The pizza chain has described this as a ‘temporary administration’ but this isn’t prescribed in law. The restaurant and the administrators seem confident that they will secure some new funding or achieve a positive restructuring, but there are no guarantees, especially in this hostile casual dining environment.
“In this case it looks as though one of the sites is struggling more than the others and potential weighing them down.”
The Altrincham and Ramsbottom sites are currently offering diners 25% off food for the rest of January.
For more information about company insolvencies, speak to a member of the debt advice team today. Call: 0800 611 8888.