Island Poke chain sold to new owner in rescue deal saving more than 100 jobs

Troubled Hawaiian food chain Island Poke has been sold to a hospitality start-up backer

Island Poke, the Hawaiian food chain with 16 locations across London and additional outlets in Brighton, Newcastle, and Edinburgh, has been saved from closure by a rescue deal.

The company, which employs over 100 people, was bought out by IP Topco, a subsidiary of White Rabbit Projects, in a pre-pack administration deal. White Rabbit had previously invested in Island Poke back in 2016.

Administrators at Begbies Traynor, who were appointed on June 26, confirmed that the sale secured all existing jobs. Prior to the sale, Island Poke had attempted to restructure the business through a company voluntary arrangement (CVA), but this was unsuccessful.

The directors stated: "Whilst the CVA had been put to creditors, and was widely supported by them, it became apparent to the directors from daily trading that the forecasts on which the CVA was built were not likely to be deliverable, thereby undermining the viability of the proposal which was scheduled to continue for five years."

They added: "In the circumstances, and in parallel with the CVA procedure, the directors engaged BTG Advisory to run an accelerated marketing campaign with a view to identifying a buyer for the business."

Throughout the process, NatWest, the secured creditor, approved both the appointment and sale via pre-pack administration. Island Poke, the brainchild of James Porter, was born after he left his job at an art gallery to sell Hawaiian-inspired food at a street food market. The first Island Poke restaurant opened its doors in Kingly Street, located in London's Soho, back in 2016.