Busaba Eathai: Thai restaurant chain founded by Wagamama creator enters administration after 25 years
Busaba Eathai, the Thai restaurant chain founded by Wagamama creator Alan Yau, has entered administration after 25 years.
According to filings at Companies House, administrators from Leonard Curtis were appointed earlier this month. At its peak, Busaba operated 16 sites across southern England, but financial pressures forced the company to scale back to 12 branches by 2020.
The group still operates seven locations, including one at Lakeside Shopping Centre in Essex and six others across London, such as Westfield and the O2 Arena.
Busaba was launched in 1999 by Yau, who opened the first restaurant on Wardour Street in Soho. Once known for its casual, communal dining experience and modern Thai menu, the brand has since struggled with declining profitability. In its most recent full-year accounts, covering the 12 months to 17 September 2023, the group reported a £600,000 loss—down from a £200,000 profit the previous year.
The company cited multiple reasons for the downturn, including "higher costs, weaker London footfall owing to the cost of living crisis, and summer-wide disruption caused by industrial action on train and tube network."
Companies House documents also reveal that Busaba narrowly avoided compulsory strike-off proceedings last month after the company successfully showed cause to the registrar.
Busaba is now headed by CEO Winston Robert Matthews, who also holds directorships in Redwin Investments, Soho Investments, and Ray’s Manufacturing - the latter of which is currently overdue in filing its accounts.
The restaurant chain’s collapse reflects broader struggles in the hospitality industry. Rising employment costs due to national insurance and living wage increases, combined with high energy bills and business rates, have put enormous strain on operators.
Busaba's fall follows other recent closures, including dim sum chain Ping Pong, which shut all remaining locations after two decades, and The Coconut Tree, which is also being wound up. Meanwhile, Oakman Inns, Brewdog, and Deep Blue Restaurants have each announced site closures.