Singapore-based restaurant group Crystal Jade is facing potential restructuring after Kroll representatives were appointed as receivers over two of its holding companies in Singapore and Hong Kong.
Kroll has been appointed over Crystal Jade Culinary Concepts Holding in Singapore and Crystal Jade Culinary Concepts (Great China) in Hong Kong, which operate the group’s restaurants in the two markets.
James Alexio and KJ Singh have been appointed as receivers for the Singapore entity, while Jocelyn Chi and Sam Tai have been appointed as receivers for the Hong Kong company.
“The Kroll representatives are undertaking a review of the group’s financial and operational affairs, including assessing strategic options available for its portfolio of brands, restaurants and businesses with a view to stabilise the business and preserve value,” Kroll said.
“Stakeholders will be engaged regarding potential restructuring as and when appropriate.”
Crystal Jade’s restaurants will continue to trade during the receivership, with key members of the existing management team remaining in place to oversee day-to-day restaurant operations.
Crystal Jade has operated for more than 30 years and has built a portfolio of Chinese dining brands, including Crystal Jade Palace, Crystal Jade La Mian Xiao Long Bao and Crystal Jade Hong Kong Kitchen.
L Capital Asia acquired a 90 per cent stake in Crystal Jade in May 2014. Standard Chartered Private Equity invested US$52m in the Singapore-founded brand a year later.
- Further reading: Crystal Jade restaurants to launch in the Philippines.
