Way-On Foods Limited (02031772): administration
- Status
- Administration ended
- Administration began
- 2023-04-24
- Administrators
- Paul Steven Cooper, Paul Robert Appleton
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1986-06-26
- Location
- London
- Industry
- 46390 Non-specialised wholesale of food, beverages and tobacco
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company was incorporated on 26 June 1986. It is a manufacturer and wholesale supplier of award-winning chilli oil and sauces for the SeeWoo Group of Companies and other distributors in the East/South East Asia market.
We were first contacted by the Directors on 20 April 2023, following the Landlord exercising right of forfeiture against the Company's trading premises at Unit C, Centrus Business Park, 7 Waxlow Road, London NW10 7NU (“the Property”) in the early hours of 20 April 2023. This resulted in the Company losing its sole trading premises and no longer being able to operate.
The Company formerly occupied the Property under a fifteen-year lease (“the Lease”) commencing on 17 July 2006, which was originally granted to Seewoo Foods Limited and assigned to the Company on 9 February 2021. The Lease came to an end on 17 July 2021 and the Directors proceeded to negotiate revised heads of terms for a new ten-year lease. Alongside the new lease, terms were agreed to address rent arrears of circa £760,000 by way of a Rent Concession Agreement. The basis of the new lease involved a new investor injecting funds into the Company and acquiring 51% of newly issued shares, together with a loan in the sum of £500,000 repayable subject to the performance of the Company. It was initially agreed between the parties that the new lease would complete on 25 March 2023. However, this was subsequently pushed back to 14 April 2023.
Administrators' statement of proposals (2023-06-22) · Companies House register