Administrators from French Duncan were called in yesterday by brothers Stefano and Sandro Giovanazzi, who owned the Italian eatery through their Sanstef holding company. The move followed a hunt for potential buyers run by the retail team of Christie + Co.
The closure of the restaurant at 78 St Vincent Street does not affect Paperino’s West End. The Giovanazzi brothers also continue to run La Parmigiana, the family’s long-established restaurant in Glasgow’s Great Western Road.
Brian Milne, joint administrator of Sanstef, said yesterday that it was too early to determine what level of debt Paperino’s @78 had accumulated.
Sanstef took over the business in 2009, re-launching it as Paperino’s @78. The date marked the 75th anniversary of Walt Disney’s Donald Duck, from which the restaurant derived its name.
It was previously owned by millionaire bookmaker and businessman “Fearless” Freddie Williams, who bought the original Paperino’s in 2004. It went into liquidation following Williams’ death in 2008. Last year, the Giovanazzis sold a third Paperino’s on Sauchiehall Street to Café India’s Tony Hussain. It now trades as Papa Tony’s.