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01/05/2009
Pizza Hut Firm In Administration
A Northern Ireland company, which operates as a franchisee of 14 Pizza Hut outlets, has gone into administration.
David McClean, Senior Partner and Insolvency Practitioner in Moore Stephens, Chartered Accountants, Belfast, was today appointed Administrator for Restaurant Management Services Ltd.
Mr McClean said: "The franchises run by Restaurant Management Services have been operating in an increasingly competitive market for some time and the company’s financial situation has been exacerbated by the current economic downturn, resulting in the decision to enter Administration.
"I have assessed the current trading position of outlets run by Restaurant Management Services Ltd and it is with regret that I have concluded that there is no option other than to close five of the 14 immediately.
"These outlets are in Dublin Road, Yorkgate and Connswater in Belfast, in Coleraine and in Dungannon.
"As a result, approximately 130 employees will be made redundant with immediate effect. Those affected are currently being informed."
Arrangements have been made that can enable four other outlets to remain open. These are at Lisburn, Carrickfergus, Ballymena and Glengormley and together they employ around 120 people.
In addition, the Administrator will be working closely with the company to keep the remaining five outlets open while their trading position is urgently assessed.
These are at the Odyssey, Castlecourt and Victoria Square in Belfast, and in Carryduff and Bangor. In total they employ around 160 people.
Mr McClean added: "I regret it is not possible to keep all the stores going. However, I am pleased that some will remain open to continue serving the public.
"I will be working to see if we can save the remaining five outlets, but I am not in a position to give any guarantee about their future operations at this time."
(GK/BMcC)
David McClean, Senior Partner and Insolvency Practitioner in Moore Stephens, Chartered Accountants, Belfast, was today appointed Administrator for Restaurant Management Services Ltd.
Mr McClean said: "The franchises run by Restaurant Management Services have been operating in an increasingly competitive market for some time and the company’s financial situation has been exacerbated by the current economic downturn, resulting in the decision to enter Administration.
"I have assessed the current trading position of outlets run by Restaurant Management Services Ltd and it is with regret that I have concluded that there is no option other than to close five of the 14 immediately.
"These outlets are in Dublin Road, Yorkgate and Connswater in Belfast, in Coleraine and in Dungannon.
"As a result, approximately 130 employees will be made redundant with immediate effect. Those affected are currently being informed."
Arrangements have been made that can enable four other outlets to remain open. These are at Lisburn, Carrickfergus, Ballymena and Glengormley and together they employ around 120 people.
In addition, the Administrator will be working closely with the company to keep the remaining five outlets open while their trading position is urgently assessed.
These are at the Odyssey, Castlecourt and Victoria Square in Belfast, and in Carryduff and Bangor. In total they employ around 160 people.
Mr McClean added: "I regret it is not possible to keep all the stores going. However, I am pleased that some will remain open to continue serving the public.
"I will be working to see if we can save the remaining five outlets, but I am not in a position to give any guarantee about their future operations at this time."
(GK/BMcC)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
