Island Poke eyes CVA after struggling with Covid debt

London-based restaurant chain Island Poke is planning to enter a Company Voluntary Arrangement (CVA) to restructure the business after struggling with Covid debt.

 

The brand was founded in 2016 and now trades from 16 London sites, one in Brighton and 10 internationally in France.

 

City AM reports Island Poke is working with restructuring firm Begbies Traynor, which submitted a CVA application to the High Court on Wednesday.

 

An Island Poke spokesperson told The Caterer: “We continue to strongly believe in the business. The core is profitable but has been saddled with a large amount of Covid debt. 

 

“The CVA proposal will strengthen the company and allow us to focus on providing fresh, healthy poké to our customers.”

 

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.

 

Its menu focuses on poké, a dish of marinated raw fish served over rice, and the group claims to have been the first in Europe to offer a vegan version.

 

White Rabbit Fund, the investment platform created by former Soho House commercial director Chris Miller, has backed Island Poke since 2016.

 

Companies House filings show Island Poke Ltd received just over £1m from White Rabbit Opco Ltd in February 2023 to fund future site expansion.

 

Island Poke also has a franchise arm and trades across France in cities including Lyon, Grenoble and Montpellier.

 

Begbies Traynor has been contacted for comment.