# Winchester Restaurants Limited (06291529)

> Why UK company 06291529 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/06291529

- **Status:** Administration ended
- **Administration began:** 2018-01-09
- **Administrators' firm:** JWS Business Recovery
- **Incorporated:** 2007-06-25
- **Location:** Salisbury
- **Industry:** 56101 Licenced restaurants

## Why it went into administration

- Funding withdrawn / unable to refinance

## From the administrators' statement

The Company was incorporated in June 2007, and traded as “La Place Restaurant & Froggies Bar" from leasehold premises at 9 and 9A Great Minister Street, Winchester, SO23 QHA. The Restaurant was well regarded and the business has operated on a profitable basis until recently. In Late Spring/Early Summer of 2017, the sole director took the decision to instruct agents to market the business for sale as a going concern. There was considerable interest both from those wishing to retain the existing concept, and from those with alternative ideas for the premises. One particular interested party made a substantial offer to acquire the business and ieasehold premises. If this offer could have progressed to legal completion, then the business would have been in a position to meet all of its financial obligations in full. Unfortunately, the deal broke down for reasons which were outside of the Company's control.

Other interested parties expressed varying degrees of interest, some put forward written indicative offers, but these were always subject to contract and conditional on either planning consent or other matters which the Company could not in itself deliver up. The search for a buyer on agreeable terms intensified during the Autumn of 2017. Additional! agents were instructed to market the business. Further expressions of interest were put forward, however, none of these offers were sufficient at that stage to enable the Company to meet ail of its financial obligations in full, and despite the best efforts of both the Company and the agents none of the interest could be progressed at the pace required by the Company to help it avoid Insolvency.

In mid December 2017, the Company was informed that an offer which was under serious consideration had been withdrawn. This resulted in the sole director taking the difficult but necessary decision to begin the process of appointing an Administrator, on the basis that the Company was insolvent and the likelihood of a rescue deal being concluded quickly enough to avoid such an event had in all probability evaporated.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/06291529/filing-history/MzIwMDIzMDQ1NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/06291529

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.