Lancaster Lounge & Bars Limited (05899461): administration
- Status
- Administration ended
- Administration began
- 2017-03-22
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2006-08-08
- Location
- Preston
- Industry
- 56302 Public houses and bars
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The Company was incorporated on 8 August 2006 and began trading shortly afterwards. The Company operated a restaurant, which traded as ‘1725' from leasehold premises situated at 28 Market Street, Lancaster, LA1 1HT ("1725"). It should be noted that 1725 is sub-leased from the main tenant.
The Company also owns freehold property situated at 2 Spring Garden Street, Lancaster LA1 1RQ (‘the Property”). The Property is currently leased out to an unconnected company. The Property is traded as a nightclub known as ‘Hustle’. The Company currently receives monthly rent of £5,000 plus VAT in respect of this property.
The Company also previously traded multiple businesses in Lancaster which included ‘The Dalton Rooms’, 'The Lounge’ and ‘Apothecary’. The fixtures and fittings of the latter were sold to an unconnected party in September 2016 for the total sum £25,000. The directors have advised that they have encountered a number of problems in collecting the sales consideration and as such, there is still a balance of c£18,000 outstanding in this regard.
Administrators' statement of proposals (2017-05-11) · Companies House register