RC Inns Limited (06025784): administration
- Status
- Administration ended
- Administration began
- 2013-06-26
- Administrators
- Andrew Martin Sheridan, Gareth Rutt Morris
- Administrators' firm
- FRP Advisory
- Incorporated
- 2006-12-12
- Location
- Bristol
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- Sustained trading losses
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in December 2006 to purchase the shares of GNU Inns Limited trading as The Bunk Inn on 31 January 2007. The Company operated from freehold premises in Curridge, Thatcham, Berkshire
The Company experienced difficult trading conditions since it acquired the business in 2007 due to the global recession and the general decline in the pub industry. Its working capital, entirely funded by the shareholders and directors, had been under severe pressure as a result of the trading losses incurred since its acquisition in 2007 and the significant investment made in its refurbishment. The accounts for the year ended 30 April 2011 show that the Company had made cumulative losses of £529,343 and that turnover had halved since the 2009 accounts. Post this date, sales continued to decline and occupancy levels were low
In April 2013, the shareholder and director instructed Christie & Co to market the business for sale at £895,000 Having invested approximately £500,000 since acquisition and effectively acting as its banker, the shareholder/director was unable to continue funding the business By the end of May
Administrators' statement of proposals (2013-08-14) · Companies House register