Drum At the Dials Limited (03519161): administration
- Status
- Administration ended
- Administration began
- 2013-07-22
- Administrators' firm
- BM Advisory
- Formerly
- Foldobject Limited
- Incorporated
- 1998-02-27
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Rising costs / inflation
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 27 February 1998 as a café bar and restaurant following a conversion from an empty supermarket in Seven Dials, Brighton. This was funded by a £90,000 cash injection from shareholders.
Due to the success of the restaurant, a second unit was acquired in the Kemp Town area of Brighton tn 2000. As the business grew, a third unit was also acquired in Hove in 2003 and a fourth unit in Fiveways in 2005.
It subsequently transpired that the Fiveways unit was too smali and difficult to operate thereby not achieving the required profitability targets. In addition, the Kemp Town unit did not achieve its profitability targets and a decision was made to sell both units. A sale of the Fiveways unit was completed in 2008 but a deal for the Kemp Town unit unfortunately fell through due to planning conditions and as a result, this unit continued to lose money as the business was nat commercially viable Accordingly, the Kemp Town lease was surrendered in March 2011.
Administrators' statement of proposals (2013-09-23) · Companies House register