Leon just got bought back by co-founder John Vincent for somewhere between $30 million and $50 million, and the fast-food chain is already filing for administration to shut down money-losing locations and cut staff. Vincent grabbed the company from Asda after it changed hands back in 2021 for around $100 million, but hybrid work patterns and tax hikes have been destroying the business since the pandemic ended.
The chain is working with restructuring advisers to hammer out a deal with landlords while keeping all 71 restaurants open during the process. Vincent is blaming the government for taking roughly 36 cents of every dollar customers spend, and he wants regulators to ease up on the hospitality sector. Employees getting laid off will have first dibs on relocating to other Leon spots or applying through a special recruiting channel at Pret A Manger.
The chain is working with restructuring advisers to hammer out a deal with landlords while keeping all 71 restaurants open during the process. Vincent is blaming the government for taking roughly 36 cents of every dollar customers spend, and he wants regulators to ease up on the hospitality sector. Employees getting laid off will have first dibs on relocating to other Leon spots or applying through a special recruiting channel at Pret A Manger.
