Island Poke sold through pre-pack administration

The business and assets of London-based restaurant chain Island Poke have been sold to its shareholder through a pre-pack administration, securing more than 100 jobs. 

The company, which sells variations of a dish of marinated raw fish served over rice, was sold to IP Topco Ltd., a subsidiary of WRP Holdco Ltd.

According to documents filed on Companies House, 75% or more of WRP Holdco’s shares are owned by specialist hospitality investment platform White Rabbit Projects, which was founded by Chris Miller, the former commercial director of Soho House.

A spokesperson for the White Rabbit Fund has since confirmed it has acquired all the assets of Island Poke, which includes nine UK sites, seven UK franchise sites, and 10 French franchise sites.

White Rabbit Projects has backed Island Poke since 2016 and also supports brands such as Lina Stores and Kricket.

Island Poke was founded by James Porter, who quit his job at an art gallery after he noticed a gap in the London lunch market for healthier options.

The brand began trading at street food markets before opening its first restaurant in Soho’s Kingly Street in 2016 and had since grown its portfolio to 16 London sites, one in Brighton and 10 internationally in France.

In May this year, it was reported that Island Poke had plans to enter a Company Voluntary Arrangement (CVA) to restructure the business after struggling with Covid debt.

However, a statement from joint administrators Begbies Traynor published today confirmed: “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.

“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 this period, a constant dialogue was maintained with the secured creditor, NatWest, who approved both the appointment and sale by way of a pre-pack administration.”

The administrators were supported by their legal team at Kingsley Napley, headed by Dan Sejas, head of restructuring and insolvency.

Miller, founder and chief executive of the White Rabbit Fund, said: “Island Poke possesses a robust underlying business, with its core sites generating profits. However, the company has been hindered by substantial COVID-19-related debts, inflation, and exceptionally inclement weather at the beginning of 2024. The acquisition will empower us to fortify the business, safeguard 104 jobs, and continue operations with our suppliers.”