The Churchillian Limited (04840102): administration
- Status
- Administration ended
- Administration began
- 2014-05-02
- Incorporated
- 2003-07-21
- Location
- Fareham
- Industry
- 56101 Licenced restaurants
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
- Cash flow / liquidity pressure
- Sustained trading losses
- Weather / natural events
From the administrators' statement
The company was incorporated in July 2003 in order to run ‘The Churchillian’ pubitc house, which Is located in Portsdown Hill Road, Portsmouth, Hampshire
The Churchillian public house had previously been managed by Mr & Mrs Osborne who had entered into a property lease with the brewery, Enterprise Inns Plc Mr Hele had for several years worked as the assistant manager at the pub
In 2003, Mr & Mrs Osborne decided to retire and move to Portugal The business was put on the market with Christies Mr Hele saw an opportunity to run the pub himself so he made an offer for the business and incorporated The Churchilian Limited The purchase consideration of £365k was financed by a seven year bank loan of £155k from HSBC Bank Pic, a £110k home owners loan secured against Mr Hele’s property and the balance of £100k was to be repaid to Mr & Mrs Osborne over a period of time HSBC Bank Pic was granted a legal mortgage over the leasehold property and the goodwill to secure their lending
Administrators' statement of proposals (2014-06-30) · Companies House register