Project Verde Limited (04565665): administration
- Status
- Administration ended
- Administration began
- 2020-12-03
- Administrators
- Phillip Rodney Sykes, Damian Webb
- Administrators' firm
- RSM
- Formerly
- Barburrito Limited; Globe Delivery Limited
- Incorporated
- 2002-10-17
- Location
- London
- Industry
- 47290 Other retail sale of food in specialised stores
Why it went into administration
- COVID-19
- Weak consumer demand
- Funding withdrawn / unable to refinance
From the administrators' statement
Barburrito Limited was established in 2605 and carnmenced trading as the UK's first Burrito Bar fram its orginal site. Manchester Piccadilly Gardens. in November of that year The Company was founded by Maat Davies and was initially backed by angel investors and a small investment fund, then secured rollout funding from BGF in 2012, BGF hold a second ranking fixed and floatina charge and are owed c£10.3m
The campany grew to 17 trading sites by March 2020 and had a successful franchise relationship with The Restaurant Group ple (TRG) for the latter to operate the Barburrito brand in four UK airports,
Foliowing the initial announcement of a UK lockdown in March 2020 the Company temporarily closed all 17 sites arid TRG terminated the franchise arrangement due to the decline in airport passenger numbers
Administrators' statement of proposals (2022-03-18) · Companies House register