Ocean Room Limited (The) (01149260): administration
- Status
- Administration ended
- Administration began
- 2011-04-08
- Administrators
- Jamie Playford
- Administrators' firm
- Acuity Professional Partnership
- Incorporated
- 1973-12-04
- Location
- Norwich
- Industry
- 5530
Why it went into administration
- Sustained trading losses
- Rising costs / inflation
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 4 December 1973 and started trading shortly thereafter as The Ocean Room, a bar and nightclub in Gorleston, Great Yarmouth
The Company traded successfully for many years, however over the past five years has seen turnover and profit reduce due to the changes in people’s dnnking habits Many more people are now drinking at home before going out, and many people choose to drink in local pubs where the pnces are slightly cheaper than in the venue In addition, over the last three years, the Company has seen a significant fall in numbers attending the venue
The directors had taken many steps to address these challenges, which they onginally saw as temporary problems, similar to many “up and down’ periods the Company had expenenced tn its many years of trading However, the accounts show that tumover reduced dramatically from £1m in the year to October 2008 to only £750k in the year to October 2010 Although the Company was able to continue trading due to tts high level of cash flow income, the directors recognised that the situation was potentially damaging longer term
Administrators' statement of proposals (2011-05-03) · Companies House register