PL 1 Realisations (2020) Limited (03970045): administration
- Status
- Administration ended
- Administration began
- 2020-10-14
- Administrators' firm
- Deloitte
- Formerly
- Gourmet Burger Kitchen Limited; Wisconsin UK Limited
- Incorporated
- 2000-04-11
- Location
- Birmingham
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
- COVID-19
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
The Group operated in the fast casual food service market of which burger restaurants account for £5.2bn (6.8%) of the £76.8bn total UK foodservice market.
Historically, the foodservice market has faced challenges due to oversaturation through aggressive competitor expansion, rapidly changing consumer tastes (e.g. healthy eating), heavy promotional activity across the sector, increased importance of digital technology, above inflationary increases in National Minimum Wage and continuing burden of over rented sites and onerous business rates.
GBK entered into a CVA on 9 November 2018, through which it had achieved a number of efficiencies including
Administrators' statement of proposals (2020-12-15) · Companies House register