Xiota Retail Limited (06787085): administration
- Status
- Administration ended
- Administration began
- 2012-10-23
- Formerly
- Baysun Limited
- Incorporated
- 2009-01-09
- Location
- Chesterfield
- Industry
- 47110 Retail sale in non-specialised stores with food, beverages or tobacco predominating
Why it went into administration
- Property / lease costs
From the administrators' statement
XIOTA RETAIL LIMITED - IN ADMINISTRATION
The Company was incorporated in 2009. The senior management who set up the Company were Mr Allen and Mrs Susan Hutchby (also known as Susan Kirk) and the two de jure directors Michael Reardon and Christopher Emme] At the time Mr Hutchby had recently been made bankrupt but had extensive retail experience and it was agreed by senior management that he would identify and source convenience stores for the Company to acquire which would be operated on a day-to-day basis by Mr and Mrs Hutchby.
As Mr Hutchby lived tn Bristol, the stores purchased by the Company were either located in Bnstol and/or in the south west region of England The directors funded the acquisition of the stores by taking out personal loans and injecting the funds into the Company via unsecured loans. They also provided personal guarantees to financial institutions to finance lease agreements on assets such as computer equipment and store fixtures and fittings
Administrators' statement of proposals (2012-12-06) · Companies House register