Heritage Inns Limited (03964494): administration
- Status
- Administration ended
- Administration began
- 2012-11-19
- Administrators
- John Edmund Paylor
- Administrators' firm
- Guardian Business Recovery
- Formerly
- Wyllyotts Manor Limited; Havecom Limited
- Incorporated
- 2000-04-04
- Location
- London
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Creditor pressure / legal action
- Loss-making contracts / project overruns
From the administrators' statement
The company was formed in 2000 along with Heritage Inns Trading Company Limited (‘HITCO”) Mr Andrew Marler is currently sole director and shareholder of both companies In April 2001 the company acquired the lease of a public house known as “The Old Manor’ in Potters Bar, which was then sub-let to HITCO Since then HiTCO has operated the public house, apparently profitably in 2011 a new public house was acquired from J D Wetherspoon PLC (“Wetherspoons”) under a short term (8 year) sub-lease The premises at 2 Chequer Street, St Albans, previously traded as the “Cross Keys” The premises were substantially modernised and upgraded and the business reopened recently as the “Baroque” For various reasons opening of the business was delayed and trading did not meet expectations
The company granted security to its main lender, HSBC Bank ple ("HSBC’), in the form of a debenture created on 11 April 2001 and a legal mortgage on the Old Manor on the same date There ts also a charge described as a “guarantee”, in favour of Mr Marler and dated 1 August 2002 HITCO has granted a debenture and charge, also dated 11 April 2001, to HSBC and there 1s also a “legal charge” in favour of Mr Marler dated 7 August 2001
The failure of the Baroque project led the director to seek advice on the solvency of the company and of HITCO in September 2010 By that time it had become apparent that trading at the Baroque was substantially below break-even and there were considerable cost overruns in the refurbishment work At that stage it was still hoped that business might be brought to profitability and that creditors might be prepared to accept a proposal for a voluntary arrangement for HITCO under Part | of the Act (“CVA”), but neither the company nor Its director were In a position to obtain sufficient new investment to restore HITCO's solvency The collapse of HITCO would also make the company itself insolvent
Administrators' statement of proposals (2013-03-12) · Companies House register