Natwest to ‘suffer significant shortfall’ with a 90 per cent loss after Island Poke collapse
Natwest is on course to “suffer a significant shortfall” following the collapse of London-based Hawaiian food chain Island Poke, it has been revealed.
The bank is one of the major creditors to the business which was sold in a pre-pack administration to a subsidiary of hospitality incubator White Rabbit Fund in July.
The food business was bought by IP Topco, a subsidiary of WRP Holdco.
Under the new ownership White Rabbit Fund said it will safeguard 104 hospitality jobs and supplier operations.
At the time, it was reported that Natwest approved both the appointment and sale by way of a pre-pack administration.
However, in a newly-filed document with Companies House, administrator Begbies Traynor said Natwest is only likely to see around £40,000 of the money it is owned returned.
According to the creditors report, the bank is owed more than £620,000.
HMRC, which is owed an estimated £180,200, is only like to see a return of around £89,000.
Begbies Traynor said there have been more than £1.3m worth of claims from unsecured creditors of Island Poke but that none of them are expected to get any of their money back.
When the rescue deal was announced, White Rabbit Fund founder and CEO Chris Miller 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,” he added.