Atlantic Hospitalities Limited (05032298): administration
- Status
- In administration
- Administration began
- 2008-02-22
- Administrators
- Steven John Parker, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2004-02-03
- Location
- London
- Industry
- 5510
Why it went into administration
- Property / lease costs
- Weather / natural events
From the administrators' statement
The Coombe Barton Inn was acquired by the director in 2004 for £265,000 The Company had an initial business plan to upgrade all the rooms, develop the function side of the business and increase turnover within five years to £1 million per annum
The first year of trading resulted in a profit, however the following two years of trading reported a loss One of my colleagues has attempted to bring the accounts up to date to the 31 October 2007 It appears that in the nine month period to the 31 October 2007, the Company again suffered a loss
The losses to the Company were unexpected and mainly have been attributed to the floods suffered in the area in 2004 and 2007 as this affected tourism of the area greatly In addition to the downturn in customers, there were resulting repair works that were necessary to allow the public house to continue trading The director was forced to inject further personal funding of £170,000 to allow for the remedial works and improvements necessary The director additionally attributes the Company's failure to the !essening of popularity of public houses, and the poor Summer experienced tn 2007, coupled with the increase in rent on the premises
Administrators' statement of proposals (2008-04-04) · Companies House register