Made By BOB Limited (06766561): administration
- Status
- Administration ended
- Administration began
- 2018-04-03
- Administrators
- Liam Alexander Short, Graham Stuart Wolloff
- Administrators' firm
- MHA
- Incorporated
- 2008-12-05
- Location
- Leicestershire
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company's initial start-up costs were funded by way of a loan from Mark Booth and a lease finance facility from Armada Finance on the majority of the kitchen equipment. The Corn Hall Arcade was a new development undertaken by Corn Hall Arcade Limited. The location was a new retail and restaurant pitch in Cirencester and as a result it took time to establish the business and create awareness of the brand and its product. The Made By Bob brand was new and the intention was to create a high quality and standard of cuisine, that was not otherwise being offered locally from other restaurants. The belief was that Cirencester in particular had a suitable market to support a restaurant serving finer, modern, European cuisine. .
Turnover grew steadily over the first three years of trading. However, the business was continually faced with cash flow issues stemming from the repayment obligations on loan terms as well as difficulties in keeping payroll under control in relation to turnover.
In 2011 the restaurant expanded into an adjoining retail unit to enable the capacity of the restaurant to the increased with the introduction of additional covers. This was reflected in an increase in food and drink sales within the restaurant, but the added overheads of the increase in rent, rates, utilities, staffing and other costs associated with an expansion of the restaurant, meant that the Company's overall Gross Profit did not materially improve.
Administrators' statement of proposals (2018-04-23) · Companies House register