# Wellington Knightsbridge Limited (02998734)

> Why UK company 02998734 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02998734

- **Status:** Administration ended
- **Administration began:** 2016-06-28
- **Administrators:** Colin David Wilson, Steven John Parker
- **Administrators' firm:** Opus Restructuring
- **Formerly:** Browns Club Limited; Browns Club (1980) Limited
- **Incorporated:** 1994-12-06
- **Location:** London
- **Industry:** 56301 Licenced clubs

## Why it went into administration

- Property / lease costs
- Sustained trading losses

## From the administrators' statement

| am a partner of Opus Restructuring LLP (‘Opus’) and | first became involved with Wellington Knightsbridge Limited t/a The Wellington Club (hereinafter referred to as ‘the Company’ or ‘The Wellington’) shortly prior to my appointment The extent of my involvement with the Company was to discuss the financial affairs of the Company on an informal basis and consider the options available On 28 June 2016, | issued a letter of engagement to accept the appointment of Joint Administrators in order to sell the business and assets of the Company, where possible Owing to time constraints, my investigations have been brief and | have neither prepared detailed accounts nor conducted any audit work or substantive reviews All information in this report has been obtained from the Company's directors and/or professtonal advisors and documents filed at the Registrar of Companies

The Company was incorporated on 6 December 1994 In 2001, The Wellington was taken over and completely renovated by the current directors of the Company, which had been driven by Jake Panayiotou The club has favourable licensing hours/terms and offered a night-time venue for A and B list celebrities The club operated at the high end of the market and has a 250 capacity operating from two floors, with the ground floor home to a luxunant dining area Recently the club's most prominent patrons had been from the Arab States A sharp fall in turnover has resulted in the directors consulting Opus for advice in respect of the Company's financial affairs During the period of reduced trading, the Landlord of the trading premises has sought to significantly increase the quarterly rents as part of their ongoing reviews It is thought that this increase is greater than equivalent properties in this area The Company directors had entered into dialogue with the Landlord in respect of the proposed revision to the terms of the lease However, this had proven unsuccessful

As a consequence the directors had been seeking Interested parties to acquire the lease and have had initial interest However, the lease expires in approximately 5 years therefore, the assignment of this lease Is likely to come with the condition that a lease extension will be required, particularly since any incoming parties may have intentions to refurbish the property at significant cost and would expect a longer lease term on account of this investment

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02998734/filing-history/MzE1NTgyNzQwM2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02998734

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