Milkshake bar chain ShakeAway has been rescued from closure following a private equity buyout.
Newly formed SPN Acquisitions has signed a deal to buy 15 of the chain’s UK-owned bars and 25 franchises, although 15 stores will still close.
The deal comes after the Bournemouth-based company was plunged into administration last week, blaming high rents. However, turnover for the year to June 2010 was actually up, from £3.7m to £4.6m.
The first ShakeAway store opened in March 1999 and the business has acquired a following for its eclectic menu, which has included Eccles cake and Christmas pudding milkshakes.
But despite its growth, the business still needed an equity investment in order to keep trading, said Julie Palmer from administrators Begbies Traynor.
“This was a complex transaction due to myriad property issues and was completed quickly to ensure the brand can survive and prosper,” she added.
The deal, for an undisclosed sum, is also understood to include ShakeAway Worldwide, which has a presence in Australia, Ireland and the United Arab Emirates.