Ramona and The Firehouse, two of Manchester’s most prominent hospitality venues, have been acquired out of administration. Both have been rescued by their original founders after financial difficulties triggered a winding-up petition from HMRC.

The venues are well known for their Detroit-style pizza, margaritas, and vibrant music culture, and were operated by Swan Street Firehouse Ltd. However, mounting creditor liabilities led the directors to seek court protection via an administration order. This prevented immediate closure for the venues. Christie & Co oversaw the sale process.

Kroll Advisory’s Benjamin Wiles and Phil Dakin managed the administration process. They secured the sale to Caspertron Ltd, a newly formed entity led by the venues’ original creators: Joel Wilkinson, Adelaide Winter, and Dan Mullen. The deal saved over 120 jobs. All staff were transferred under TUPE regulations with no change to their roles, salaries, or terms.

Wilkinson, Winter, and Mullen are also the team behind Manchester’s 5,000-capacity venue DieCast. They now retain full control of the business. Despite the financial distress, both Ramona and The Firehouse had strong forward bookings, highlighting ongoing customer demand and brand value.

For buyers in the distressed M&A space, this case reinforces the importance of acting fast, understanding the underlying value, and prioritising teams and continuity.

Key learnings from this acquisition

Brand equity matters: Even under financial strain, businesses with strong customer loyalty and forward momentum can retain significant value.

Speed and timing are critical: Early intervention and court protection through administration helped avoid irreversible closure.

Founders can be the best buyers: When mission, culture, and people matter, existing leadership often offers the most viable rescue.

TUPE transfers protect continuity: Preserving staff contracts ensures stability during transition and protects brand culture.

Acquisition via administration can offer a clean slate: Buyers can acquire the core business without inheriting historic debt, making turnarounds more viable.