Re10 Appointed as Administrators for Shilpa Shetty Indian Restaurant Chain that includes: Bombay Bicycle Club & Tiffinbites

The beleaguered Indian restaurant chain V8 Gourmet Group, 30% owned by Bollywood actress and Big Brother star Shilpa Shetty, was on 14th June 2011, with the Appointment of joint administrators Nimish Patel and Finbarr O’Connell from London based turn around specialist Re10, finally put into administration, despite all previous attempts to save it.

It now seems that the luck has finally run out for V8 Gourmet Group, which owns restaurant chains: Bombay Bicycle Club, Tiffinbites, the restaurant and catering chain VAMA, as well as the airline catering arm Khana by VAMA and Silk Events.  In all, V8 Gourmet Group has 264 employees, on over 17 restaurant and takeaway sites, serving contemporary Indian cuisine with a modern twist.

In May 2011 HM Revenue & Customs petitioned for a Winding Up order.  This was thwarted after emergency talks with investors saw Calleon step in to take on the debt of the business from Indian bank ICICI, providing the business with an apparent lifeline.

V8 Gourmet has had a chequered history and several brushes with administration. Originally the Gourmet Restaurant Group, which owned the troubled brands Tiffinbites, Bombay Bicycle Club and VAMA was saved by the investment vehicle V8 Gourmet.  Shilpa Shetty pumped £6 million into the group in 2009, before stepping down as a Director at the end of 2010. Gourmet Creations and V8 Gourmet was producing a range of ready-meals and chutneys by Shilpa Shetty, sold via such outlets as Tesco.  

Joint Administrator, Nimish Patel of Re10 comments:  “Re10 was appointed as administrators on 13th June. We are continuing to trade V8 Gourmet and the sites of the sub brands, until such time that we can see a way forward for all elements of the business. At present no changes are to be made, and we are working hard to secure the jobs of all 264 employees. We are at an advanced stage of discussions with an interested party with regard to the business.”