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September 22, 2011

Phoenix Advises Elephant & Castle Group

PHILADELPHIA (September 22, 2011) —- Phoenix Management has been engaged by Elephant & Castle Group, Inc. to serve as the Company’s Chief Restructuring Advisor. Mitchell Arden, a Phoenix Shareholder and Senior Managing Director will serve in the CRA role. Phoenix’s engagement was approved by the U.S. Bankruptcy Court for the District of Massachusetts on August 31, 2011.

Elephant & Castle operates and franchises authentic, full-service British style restaurant pubs in the United States and Canada. Presently, the Company operates eighteen company-owned locations”┬Žnine in the United States and nine in Canada. In addition, there are two franchised locations, one each in the United States and Canada. The Company employs nearly 900 people in total. The Company’s corporate offices are located in Boston.

About Phoenix
For over 25 years, Phoenix has provided smarter, operationally focused solutions for middle market companies in transition. Phoenix Management Services provides turnaround, crisis and interim management, specialized advisory and operational due diligence services for both distressed and growth oriented companies. Phoenix Capital Resources provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements. Visit www.phoenixmanagement.com & www.phoenixcapitalresources.com

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