BAA Bar Group PLC (04730745): administration
- Status
- Administration ended
- Administration began
- 2015-05-15
- Administrators
- Daniel James Mark Smith, William Kenneth Dawson
- Administrators' firm
- Deloitte
- Formerly
- Sharp Creation PLC; Sharp Creation Limited; WC Co (17) Limited
- Incorporated
- 2003-04-11
- Location
- Birmingham
- Industry
- 56302 Public houses and bars
Why it went into administration
- Funding withdrawn / unable to refinance
- Weak consumer demand
- Sustained trading losses
- Parent or group failure
- Competition / price pressure
From the administrators' statement
In 2014 the revenue stream from Bar began to deteriorate, reflecting the weakening trading performance attributed to increased competition and changing consumer demands away from late night drinking As a result of the declining revenue stream from Bar, the Company was unable to service its scheduled debt repayments to the Bank Consequently discussions with the Bank as its Secured Creditor were commenced to find a solution
Steps taken to remedy/turnaround
By January 2015, the Company was in breach of its Bank facilities and agreed to seek a restructuring of its debt, which was entirely dependent on the value of its investment in Bar
Administrators' statement of proposals (2015-06-12) · Companies House register