Princi London Limited (06535112): administration
- Status
- Administration ended
- Administration began
- 2020-07-13
- Administrators' firm
- KPMG
- Incorporated
- 2008-03-14
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
The Company was incorporated on 14 March 2008 and commenced trading from the Wardour Street premises in October 2008 as an Italian bakery and restaurant. The Company traded under the Princi brand subject to the terms of a brand licence agreement between Conifer, being the owners of the Princi brand, and UK, which allows UK and its subsidiaries to trade using the Princi name. Whilst the Wardour lease is held in Properties, for accounting purposes, London paid for and accounted for all rent payments as the Directors applied the ‘substance over form’ accounting principle.
The Company expanded its business in December 2018, when it commenced trading from the Shaftesbury Avenue premises, the lease for which is held by the Company. The Company employed c.70 staff at the time it was placed into administration.
. We are not aware of any connected party transactions between the Company, its directors, UK and Properties in the two year period prior to the administration, other than in the normal course of business.
Administrators' statement of proposals (2020-08-07) · Companies House register