The threat of terrorism, sporting events and rival openings contributed to the demise of a Birmingham-based chain of burger restaurants, according to a new report.
Handmade Burger Company was founded with a single restaurant by brothers Chris, Richard and Matthew Sargeant in Brindleyplace in 2006 and grew into a national chain with almost 30 venues.
But it collapsed with sister company The Sargeant Partnership into administration in July, resulting in the closure of nine restaurants, including in Grand Central at New Street station, and the eventual sale of the business for more than £1.4 million a few weeks later.
A new report published by administrators from Leonard Curtis suggests the increased terror threat level, sporting events such as the Rio Olympics and a slew of new openings by rivals led to its downfall.
In recent years, Birmingham has experienced a boom in restaurants, bars and burger chains opening here with Five Guys launching three venues, Byron opening in New Street and independents like Original Patty Men also proving very popular.
The report said: "The initial strategy of the group was to open new restaurants within the Midlands before opening in the North of England.
"The company continued to trade successfully, eventually trading from a number of restaurants across England and Scotland.
"At the start of 2016, the group began to experience challenges with new competitors entering the market, particularly (from) rival restaurants in the same locations and large sporting events affecting sales patterns.
"Furthermore, the management was conscious of the uncertainty regarding the UK voting to leave the European Union and the resulting effect this would have on the supply chain, particularly its produce sourced from local farmers and producers.
"During late 2016 and early 2017, the company opened a number of new restaurants in order to mitigate the threat from rivals.
"However, the new restaurants did not deliver the return initially anticipated, with sales targets being affected by hot weather and, more recently, the increased terror threat level in the UK."
Leonard Curtis commenced a sale process and received seven offers before a £1.45 million deal was agreed for both companies in administration.
The purchaser was The Burger Chain, a newly incorporated business not connected with the founders of Handmade Burger Company.
The firm acquired the 20 restaurants still trading including the original canalside site in Brindleyplace, in the Bullring and at shopping centre Touchwood in Solihull.
The rescue deal saved 530 jobs but a further 163 staff were made redundant.