Mkap Pubs & Bars Group Limited (05665556): administration
- Status
- Administration ended
- Administration began
- 2012-08-15
- Administrators
- Ryan Kevin Grant, Mark Nicholas Cropper
- Administrators' firm
- AlixPartners
- Formerly
- Matterhorn Capital Pubs and Bars Group Limited; Matterhorn Capital Clacton Limited; Mislex (476) Limited
- Incorporated
- 2006-01-04
- Location
- Manchester
- Industry
- 70100 Activities of head offices
From the administrators' statement
21 The Companies were incorporated on 4 January 2006. Leisure operates as a property letting company and P&B is a non-trading entity.
22 The Bars were historicatly operated by Cavendish Bars Trading Limited (Cavendish), which went into administration on 28 March 2012. The right to operate the Bars was included within a pre-packaged sale by the administrators of Cavendish to CB Operations Limited (CBOL), despite the fact that no management agreement existed. Christian Arden, a director of Leisure, is also a director and principal shareholder (via his shareholding in another corporate entity) in Cavendish and CBOL.
2.3 The transfer of the Bars from Cavendish to CBOL was a matter of concern to the Bank and highlighted the precarious financial position of the management entity. It should also be noted that the Bars were not generating sufficient cash to enable the loan repayments to the Bank to be met. Whilst agreement had been reached with Cavendish and subsequently CBOL to pay the sum of £4,000 per week to Lelsure as recompense for thew occupation of the Bars, this was not sufficient to meet the loan repayments and Leisure was therefore in default
Administrators' statement of proposals (2012-10-23) · Companies House register