Toti Limited (04961604): administration
- Status
- Administration ended
- Administration began
- 2011-07-12
- Administrators
- William John Kelly, Ian Walker
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2003-11-12
- Location
- Exeter
- Industry
- 5530
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
TOTI Limited was incorporated in 12 November 2003 Shortly after this date it purchased the freehold interest in The Old Thatch Inn, which was funded by Barclays Bank plc With a combined expenence of 37 years, the directors were confident they could build on the fact that The Old Thatch Inn was an established pub with a good reputation Losses incurred dunng the 10 month period to 31 September 2004 totalled £27,500, and further losses to 30 September 2005 totalled £39,619
A serious fire in 2006 saw the business cease to trade for 11 months whilst repair works and refurbishment were undertaken Dunng this time, local competition increased and the Company struggled to win back the customers tt had lost throughout the closed penod Losses for the 18 month penod to 31 September 2007 totalled £25,773
Sales and turnover levels continued to fall year on year, and the Company became heavily reliant on an overdraft facility provided by Barclays Bank plc Trading liabilittes were also increasing, particularly those due to HMRC and the Inland Revenue Further losses were generated to 31 March 2008 of £62,278, to 31 March 2009 of £22,498 and to 31 March 2010 of £32,436 A ‘Time to Pay’ agreement was reached, however by early 2011 the Company was struggling to meet these commitments At this stage Barclays Bank pic were unable to extend the overdraft facility, and so faced with considerable cash flow issues the directors of the Company contacted Begbies Traynor for professional advice
Administrators' statement of proposals (2011-08-11) · Companies House register