Gino D’Acampo’s restaurant chain ‘shuts down with £5.4m debt’

A Gino D’Acampo restaurant chain has gone bust with debts of more than £5 million, according to reports.

An in-depth investigation costing £150,000 has reportedly been launched by liquidators, tasked with examining major stakeholders’s conduct and why company books have gone missing.

According to The Sun, there’s mystery around why IRG – formerly known as Gino D’Acampo Worldwide Restaurants Ltd – owes millions after it was declared solvent just last year.

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Investigations are looking into why a creditor for Gino D’Acampo Ltd has appeared all of a sudden and is reportedly owed nearly £5.4m from the company.

The company – part owned by Gino and his wife Jessica – declared itself solvent last April, with the two directors reportedly signing a declaration saying it had no creditors.

According to the reports, the liquidators have now launched a huge investigation to find out why this debt has only come to light now, as well as the conduct of major stakeholders and the ‘whereabouts of the company books and records’.

Gino owns 10% of the company, while Individual Restaurants Group Ltd acquired a 75% stake in 2019 for an undisclosed sum.