Island Poké is set to file for company voluntary arrangement in the High Court, City AM reports.
The food to go chain has called on insolvency and recovery firm Begbies Traynor to assist.
Two partners, one from the firm’s business rescue and recovery team and the other from its insolvency group, are named as nominees for the chain to file an application to the High Court.
The partners submitted a CVA application to the court on Wednesday on behalf of Island Poké .
A source told MCA the company was still at its core very profitable, but has faced a very challenging Q1, which was one of the wettest on record.
The business has also been saddled with a large amount of Covid debt.
It is hoped the CVA process will strengthen the business and allow it to focus on serving customers.
A CVA is type of insolvency process typically used as a way for companies in distress to pay off their debts over a fixed period of time and restructure onerous leases.
It offers the opportunity to address issues surrounding management and operational systems that were not working.
Island Poké first opened in 2016 in Soho’s Kingly Street under founder James Gould Porter.
Since then, it has grown to have 16 restaurants across the capital including in Canary Wharf, Broadgate Circle and Bank, as well as a branch in Brighton.
The chain specialises in poke, a Hawaiian dish made up of diced raw fish tossed in sauce and vegetables.
It was one of the first brands in the category to launch in the UK, but is now operating in a competitive space alongside Poke House, Polu Poke and Honi Poke.
The company was approached for a comment.
