Europe, UK, Ireland

Britain’s Spudulike in rescue restructuring mode

Baked potato specialist Spudulike is seeking landlords’ backing for a rescue restructure involving rent cuts and closures in the latest sign of meltdown on the high street.

The chain, which was popular in the 1980s and 1990s when it became synonymous with Harry Enfield and Kathy Burke creations Wayne and Waynetta Slob who named their second child “Spud-u-lika”, wants to close at least four of its 31 outlets.

Landlords, who are being asked to approve the changes next week, said they were being asked to slash rents to as little as 10% of turnover and offer a business rates holiday in order to keep Spudulike afloat. But landlords said they were shocked that the scale of rent cuts being demanded by Spudulike was much more severe than previous companies had sought.

The restructure attempt comes after a difficult period of trading for London-based Spudulike, which is controlled by entrepreneur Tony Schlesinger.

Read the full report in The Guardian here