# Town Centre Restaurants Limited (02730902)

> Why UK company 02730902 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02730902

- **Status:** Administration ended
- **Administration began:** 2012-06-26
- **Administrators' firm:** Zolfo Cooper Corporate Finance
- **Formerly:** Giardino Group Limited; Giardino Group PLC; Cafe Giardino Limited; Cedarport Limited
- **Incorporated:** 1992-07-14
- **Location:** Manchester
- **Industry:** 5530

## Why it went into administration

- Property / lease costs
- Sustained trading losses

## From the administrators' statement

2.1 The Company was incorporated in 1992, growing from a single site to in excess of 70 sites at its peak.

2.2 The Company had a number of sites on long-term leases which were not commercially viable and a significant amount of secured debt which it was unable to service in full In early 2011, the Company underwent a restructuring of its secured debt position. in the lead up to this, negotiations had also taken place with landlords to obtain more favourable terms and loss making sites had been exited either with the agreement of the landtord where possible, or at the end of the lease term By June 2012, the Company employed approximately 330 people from 39 restaurants across the UK, with a focus on the south east of England

2.3 The Company was historically loss making and while there were a core number of sites which were profitable, there were also a large number which were not. The Company was not able to exit these sites as the leases still had time to run and were located predominantly 1n shopping centres which, due to the economic downtum, already had a number of vacant units, making an assignment of the leases difficult. With the potential for landlords to inhent the rates liabilities for these sites, it was also considered unlikely that landlords would accept surrenders of the leases.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02730902/filing-history/MzA2MTYwNjQ0NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02730902

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.