The Full Moon At Rudge Limited (06264099): administration
- Status
- Administration ended
- Administration began
- 2014-10-09
- Administrators
- Gary Bell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2007-05-31
- Location
- Manchester
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- Competition / price pressure
From the administrators' statement
The Full Moon at Rudge Limited was incorporated on 31 May 2007 by Mr & Mrs Taylor The Full Moon traded as a country inn with 18 bedrooms including 4 cottages and a restaurant The property was purchased using a loan of £1,437,000 from Santander UK Pic (“the bank”) and was secured with a legal and general charge over the property dated 3 September 2007
Dunng the year ended 31 August 2012, the Company achieved a tumover of £590,808 generating an operating profit of £70,845 In the subsequent year ended 31 August 2013, the Company's tumover was reduced to £562,214 with an operating profit of £66,547 Following deductions from the operating profit for the bank loan interest, the loss for 2012 and 2013 was £3,432 and £7,370 respectively
The directors invested significant amounts of their own funds into the business and also worked very long hours to try and reduce payroll costs It became apparent that the business was struggling to generate profit after repayment of bank interest This began to cause cashflow womes The directors also found tt difficult to cope with customers’ short booking habits via internet booking This made staffing rota’s difficult and inefficiencies probably occurred as a result of some over staffing
Administrators' statement of proposals (2014-12-03) · Companies House register