Ceviche restaurant group plans to appoint administrators

Ceviche restaurant group has filed its intention to appoint administrators, blaming cost pressures caused by wage increases and a hike in business rates.

The group, founded by Martin Morales in 2012, filed its plan to appoint an administrator last week, according to The Sunday Times.

In its most recent results, for the 52 weeks to 31 March 2018, the business said: “With the increasing and growing uncertainty over Brexit, coupled with the coldest winter on record, we saw sales fall in some sites in line with many of our competitors.”

Morales told the paper: “After a very successful few years since launch, the past 18 months have been incredibly tough as a result of the challenging economic and political uncertainty.”

He added that there had been “substantial interest in our company and so I really hope we can find a way to continue and move forward.”