Meridius Limited (05006602): administration
- Status
- Administration ended
- Administration began
- 2014-09-11
- Administrators
- Philip Edward Pierce, Ben Woolrych
- Administrators' firm
- FRP Advisory
- Incorporated
- 2004-01-06
- Location
- Leeds
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company was incorporated tn January 2004 and bought Cutlers in April 2004. Cutlers is held on a 200 year Iong lease which commenced in 1965.
The Company embarked on a significant refurbishment programme in 2005, but this was not completed until 2009 During this period, Cutlers was rarely fully open and this had a detrimental impact on the Company's financial position. Arrears built up with Her Majesty’s Revenue & Customs (HMRC) and HMRC sent in bailiffs in 2008 to recover its debts. The director agreed a time to pay arrangement with HMRC and took the decision to pay trade creditors on a ‘cash on delivery’ basis. This enabled payments to be made to HMRC
The director believed he had managed to stabilise the business when in early 2009, the Hotel was affected by yet more competition in Sheffield from new hotels and also the impact of the recession, which heavily affected the hospitality and leisure sector.
Administrators' statement of proposals (2014-11-11) · Companies House register