Receivers appointed for Crystal Jade holdings in Singapore and Hong Kong — Channel NewsAsia

Receivers have been appointed in Singapore for the holding companies of restaurant group Crystal Jade, which are responsible for its operations in Singapore and Hong Kong. At the same time, the chain’s restaurants will continue operating and serving visitors, Channel NewsAsia reports.

Review of the group’s finances and operations

Representatives of financial and risk consulting firm Kroll have been appointed as receivers for Crystal Jade Culinary Concepts Holding Pte Ltd and Crystal Jade Culinary Concepts Holding (Great China) Limited. The first company is the holding company for Crystal Jade’s restaurant business in Singapore, while the second is in Hong Kong.

Kroll said it is reviewing the group’s financial and operational activities, including assessing strategic options for its portfolio of brands, restaurants and businesses. The review is intended to stabilise operations and preserve the value of the business.

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Restaurants remain open

Key members of the management team will continue to oversee the restaurants’ operations. Kroll also plans to engage with stakeholders, if necessary, regarding a possible restructuring.

This year, the group closed five establishments in Singapore. The latest to cease operations were Crystal Jade Hong Kong Kitchen restaurants at The Clementi Mall and Jurong Point shopping centres. The Crystal Jade website currently lists 13 restaurants in Singapore representing six brands.

Crystal Jade has been operating for more than 30 years. Its brands in Singapore include Crystal Jade Palace, Crystal Jade La Mian Xiao Long Bao and Crystal Jade Hong Kong Kitchen.