The Scotsman Hotel Group Limited (03748878): administration
- Status
- Administration ended
- Administration began
- 2011-10-26
- Administrators
- Robert Andrew Croxen, Blair Carnegie Nimmo, David John Crawshaw
- Administrators' firm
- KPMG
- Formerly
- Villakind Limited
- Incorporated
- 1999-04-08
- Location
- Reading
- Industry
- 5510
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
KPMG LLP 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 £51 2 million with JJW, the ultumate owner of the Scotsman Group
Prior administration the Company was significantly loss making and experiencing cash flow difficulties (refer to Appendix 1) On 21 October 2011, a winding-up petition was served against TSHGL by HM Revenue & Customs in respect of outstanding corporation tax, PAYE and VAT of £53,986
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 appointing Administrators
Administrators' statement of proposals (2011-12-28) · Companies House register