From the administrators' statement

Per the Company's management accounts, trading performance declined from a profit of £47,000 in the financial year ending September 2007 to a loss of £50,000 in the year ending September 2008. Further losses were incurred of £89,000 1n 2009 and of £126,000 for the six months to March 2011

Reductions in occupancy rates and corporate conference events during the last few years, combined with the high gearing, are understood to be contributing factors to the decline.

In July 2009 the Bank of Scotland instructed PricewaterhouseCoopers LLP (“PwC”) to conduct an Independent Business Review (“IBR”) as the Company was unable to commence capital loan repayments after a two year repayment hohday

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Blue Cedars Leisure Limited (05926948)

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