Altrincham Lodge Limited (06454485): administration
- Status
- Administration ended
- Administration began
- 2012-02-09
- Administrators
- Anne Clare O'Keefe, Simon Wilson, Scott Gaillie
- Administrators' firm
- AlixPartners
- Formerly
- Hallco 1567 Limited
- Incorporated
- 2007-12-17
- Location
- Manchester
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The Company’s principal interest was the operation of a 47 bedroom leasehold hotel The Hotel targeted the budget market and whilst 1t had been profitable historically, in recent months it has been unable to generate enough cash to meet its creditor obligations and has failed to adhere to the terms of its third ‘Time To Pay’ agreement with HM Revenue and Customs (HMRC).
As the cash position continued to deteriorate, and in light of the increasing threat of creditor action (most pertinently from HMRC), Zolfo Cooper LLP were engaged to review the cash position and assess the Company’s options The review highlighted that the business required a significant cash injection to continue trading in the short to medium term The Company’s bankers, Nationat Westminster Bank plc (the Bank) advised that there was little scope to provide further funding and the Company’s sole director advised that he did not have the means to do so,
The review of the business highlighted that a sale of the business as a going concern would result in the most favourable return to the Company’s creditors. As a result, Christie + Co LLP were engaged to pursue a sale of the business as a going concern and a full marketing process was undertaken. Several offers were received, however, due to the Hotel’s debt burden, the offers were based on the premise that the business and assets woutd be purchased from the Company in Administration
Administrators' statement of proposals (2012-03-06) · Companies House register