SPR (Realisations) Limited (06186145): administration
- Status
- Administration ended
- Administration began
- 2011-07-18
- Administrators
- Colin David Wilson, Timothy John Edward Dolder
- Administrators' firm
- RSM
- Formerly
- Northbank Restaurants Limited
- Incorporated
- 2007-03-27
- Location
- London
- Industry
- 5530
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated in March 2007 and began trading immediately as a modern British restaurant under the name of “Northbank Restaurant” (‘the Restaurant’) The Restaurant traded from One Paul’s Walk, London, EC4V 3QH, located under the Millennium Bridge on the North Bank of the Thames, with a 25 year lease due to expire on 2 February
Due to the location of the Restaurant, corporate diners formed the basis of the Company’s chentele, with the busiest days for the Restaurant being Wednesday to Friday Through the Company's initial trading period and 2008 the Company traded positively
However, in 2009 and as a result of the economic recession, the budgets of corporate entities including some of the Restaurants biggest clients, Jefferies, ADM, Capita and Namura, were significantly reduced which in turn had in a significant impact on the Company’s turnover Turnover for the period ended 31 March 2010 fell by 27% compared to the previous period, standing at £1,072,974 in comparison to £1,473,130 for the period ended 31 March 2009
Administrators' statement of proposals (2011-08-17) · Companies House register