Individual Restaurant Company Limited (04026693): administration
- Status
- Administration ended
- Administration began
- 2020-11-25
- Administrators
- Daniel James Mark Smith, Clare Boardman
- Administrators' firm
- Deloitte
- Formerly
- Individual Restaurant Company PLC; Bank Restaurant Group PLC; Aprilstar PLC
- Incorporated
- 2000-06-29
- Location
- Birmingham
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- COVID-19
- Rising costs / inflation
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Property / lease costs
From the administrators' statement
IRG Group suffered from a continued decline in performance over-recent years, with EBITDA falling from £7.0m in FY16 (y/e 31 March) to £3.4m in FY19
-and generated a loss before tax of £7.6m in FY19. In
the 4 months to July 2020, RBG generated an operating loss of £2.8m.
Administrators' statement of proposals (2020-12-14) · Companies House register