Leon was sold by Asda in November.

Fast-food chain Leon is set to enter administration, close a number of locations and cut jobs as part of a bid by its new owner to turnaround the struggling chain.

The company was bought back by co-founder John Vincent last month from Asda in a deal which has been reported to have been between £30m and £50m.

The potential figure of that was is well below the £100m billionaire brothers Mohsin and Zuber Issa paid for Leon in 2021.

Now, it has been confirmed that Leon has applied for an administration order “for the purpose of formulating proposals for a Company Voluntary Arrangement (CVA) to help accelerate the restructuring of the business”.

In a statement, the company said that Vincent and his team “the immediate priority is to reduce the number of l

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