From the administrators' statement

Incorporated in June 2016, the Company acted as a Hawaiian themed restaurant chain providing Poké style food bowls with a focus on health and sustainable fresh produce. The Company predominantly operated in London but also had a further site in Brighton. The Company also traded in France through a franchise operation. The Company had two direct subsidiaries, being Island Poké Franchise Limited and Island Poké France & Benelux Limited.

The Company initially experienced rapid growth to 2020. During 2020, the Company faced a downtum in trade due to Covid-19 - despite adapting to a more delivery focussed business model. A CBILS loan was taken to sustain the business.

The Company entered 2021 seeking and successfully acquiring funding from external investors to assist with strategic growth in addition to increasing staffing across the stores. Trade through to 2023 was met with less than originally anticipated levels of growth and with an increased employee base, including head office overheads, the Company faced significant cashflow pressure and creditor arrears started to build. The slower sales environment continued through the year and the Company carried high costs caused by overstaffing. Moving into 2024 the Company made changes to the menus and introduced the provision of hot food, alongside reducing the price point in an attempt to increase turnover.

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IP Realisations 2024 Ltd (10254550)

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