Clockfair Limited (02888776): administration
- Status
- Administration ended
- Administration began
- 2023-02-01
- Administrators
- Rebecca Makaruk, Matthew Ingram
- Administrators' firm
- Kroll
- Incorporated
- 1994-01-18
- Location
- Birmingham
- Industry
- 92000 Gambling and betting activities
Why it went into administration
- COVID-19
- Weak consumer demand
From the administrators' statement
• Following a compliance assessment conducted by the Commission in 2019, it was identified that the Company had failed to maintain effective anti-money laundering policies and controls at the Casino and received a financial penalty of £260,000 plus costs of £11,690. This coupled with the effects of the COVID-19 pandemic, during which the Casino was forced to close, had an immediate impact on the Company’s finances.
• Furthermore, customer footfall at the Casino did not return to pre-pandemic levels impacting the Company’s working capital and ability to pay its debts.
Appointment
Administrators' statement of proposals (2023-03-23) · Companies House register