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NatWest (LSE:NWG) is expected to experience a shortfall following the collapse of Island Poke, a London-based Hawaiian food chain. The bank, which is a major creditor of Island Poke, was involved in the company’s sale during its pre-pack administration in July. The business was acquired by IP Topco, a subsidiary of WRP Holdco, under the White Rabbit Fund.
Sale and New Ownership
White Rabbit Fund, the new owner of Island Poke, has committed to preserving 104 jobs and continuing operations with suppliers. The acquisition was conducted through a pre-pack administration, a process where a company is sold quickly to a new owner while still in administration. NatWest, along with other creditors, had to approve this arrangement.
Expected Recovery for NatWest
Documents filed with Companies House reveal that NatWest is likely to recover only a small portion of the amount owed. The bank is expected to receive approximately £40,000 out of the more than £620,000 it is owed. This indicates a substantial shortfall compared to the original debt amount.
HMRC's Expected Recovery
HMRC, which is owed around £180,200, is anticipated to recover approximately £89,000. This represents a partial recovery, with the remaining amount likely to remain unpaid. The creditors' report highlights the limited returns expected for all parties involved.
Claims from Unsecured Creditors
The report from Begbies Traynor indicates that unsecured creditors have filed claims exceeding £1.3 million. However, it is projected that none of these creditors will receive any repayment. This reflects the financial difficulties faced by Island Poke and the limitations of the administration process.
Challenges Faced by Island Poke
White Rabbit Fund founder and CEO Chris Miller noted that despite the underlying business being profitable at its core sites, Island Poke struggled due to debts incurred during the COVID-19 pandemic, inflationary pressures, and severe weather conditions in early 2024. These factors contributed to the company’s financial difficulties, leading to the administration process.
The new ownership aims to stabilize Island Poke by addressing the financial challenges and continuing operations. The acquisition by White Rabbit Fund is intended to strengthen the business, protect jobs, and maintain supplier relationships.
