Heritage Inns Trading Company Limited (04048372): administration
- Status
- Administration ended
- Administration began
- 2012-11-19
- Administrators
- John Edmund Paylor
- Administrators' firm
- Guardian Business Recovery
- Formerly
- Blackheart Limited
- Incorporated
- 2000-08-07
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Loss-making contracts / project overruns
From the administrators' statement
The company was formed in 2000 along with Heritage Inns Limited (“HINNS”) Mr Andrew Marler is currently sole director and shareholder of both companies In April 2001 the company was granted a sub-lease of a public house known as “The Old Manor” in Potters Bar, from HINNS, which held the head lease Since then the company 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 and charge, both created on 11 April 2004, guaranteeing the liabilites of HINNS to HSBC There ts 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 HINNS 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 the company under Part | of the Act ("CVA"), but neither the company nor its director were In a position to obtain sufficient new Investment to restore its solvency The collapse of the company would also make HINNS insolvent, as HINNS would lose Its source of income
Administrators' statement of proposals (2013-03-12) · Companies House register