# The Scotsman Hotel Company Limited (03699597)

> Why UK company 03699597 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/03699597

- **Status:** Administration ended
- **Administration began:** 2011-11-16
- **Administrators:** Robert Andrew Croxen, David John Crawshaw, Blair Carnegie Nimmo
- **Administrators' firm:** KPMG
- **Formerly:** Inneroffice Limited
- **Incorporated:** 1999-01-22
- **Location:** London
- **Industry:** 5510

## Why it went into administration

- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses

## From the administrators' statement

KPMG were contacted by the Bank regarding its exposure to the Scotsman Group in 2010 Since that time the Bank has been seeking to negotiate the repayment of its lending of £512 million with JJW Hotels & Resorts Inc, the ultimate owner of the Scotsman Group

The Scotsman Group owned and operated three hotels through its subsidiaries TSHCL, TBGHCL and THS The Bank holds fixed and floating charges over the Scotsman Group assets by way of its cross guarantees and debenture dated 21 September 1999 TSHCL’s principal asset 1s the Scotsman Hotel which operates in Edinburgh, Scotland Prior to administration the Company was loss making and experiencing cash flow difficulties (refer to Appendix 1) On 23 October 2011, a winding-up petition was served against TSHCL by HM Revenue & Customs 1n respect of outstanding corporation tax, PAYE and VAT of £247,137 86

Accordingly, and further to the winding up order served by HM Revenue and Customs, the Bank sought to protect its position and safeguard the assets of the Scotsman Group by enforcing its security and appointed Admunistrators to TSHGL on 26 October 2011

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/03699597/filing-history/MzA1MDc3MzEwMGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/03699597

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