Simon Bonney and Michael Kiely of business advisory firm Quantuma have been appointed as Joint Administrators to Zest Food Ltd (Zest Food) – the company that trades the healthy eating brands Tossed and Vital Ingredient.
Founded in 2004, Zest Food operated from 20 sites across central London, trading as Tossed in 14 of these stores. In March 2018, the group acquired Vital Ingredient with the ambition of creating ‘one of the largest healthiest eating groups in the UK.’ The group reported a turnover of £17.9 million in the year to 31 March 2019.
After a period of closure triggered by the COVID-19 lockdown, Zest Food reopened four of its stores in June on a trial basis, but these were later closed due to insufficient trade. The directors appointed Bonney and Kiely as Joint Administrators on 21 July 2020.
All of the company’s 260 staff have been made redundant and in the coming weeks, Quantuma will be working with the directors to find a buyer for the assets of the business.
Simon Bonney, partner at business advisory firm Quantuma commented: “Now is a very challenging time for hospitality businesses in London, especially for food establishments that rely heavily on walk-in sales. Despite Zest Food’s considerable efforts to assess all options including restarting its operations, the directors took the difficult decision to close again and lay off all 260 of its workforce.
“In the coming weeks, our primary focus will be to ensure that we work closely with the board to find a suitable buyer for the company’s assets.”
Tossed Vital Ingredient administration – 24 July 2020 – Tossed Vital Ingredient administration