Kitley House Hotel Limited (03623424): administration
- Status
- Administration ended
- Administration began
- 2012-08-01
- Administrators
- Christopher Norman, Ian Walker
- Administrators' firm
- Begbies Traynor
- Formerly
- Bashelfco 2593 Limited
- Incorporated
- 1998-08-28
- Location
- Exeter
- Industry
- 5510
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Weather / natural events
From the administrators' statement
The Company operated from Kitley House Hotel & Restaurant in South Devon under the current management since March 1999 The core business was weddings and functions such as ‘murder mystery’ dinners, conferences and other social events The accommodation, which consisted of 19 bedrooms had a healthy annual occupancy and the Company employed 40 staff, all of whom lived in the local area
Following the poor weather in late 2009/early 2010 which had a detnmental effect on trading due to accessibility issues, the Directors sought and achieved a refinancing of the business with HSBC Bank This was agreed in November 2010 although not finally implemented unt! the January of 2011 This refinancing was deemed to be sufficient to put the business back on an even keel
The impact of a further protracted cold penod dunng the winter of 2010 became evident into March 2011 This created a greater trading issue for the business than the year pnor HSBC could not countenance any further financial support and the management operated the business with this legacy over the summer After a review of the summer trading where progress was evident, the Directors agreed to invest a significant further amount of shareholder capital into the company
Administrators' statement of proposals (2012-08-21) · Companies House register