Agushia Limited (06804957): administration
- Status
- Administration ended
- Administration began
- 2016-11-28
- Incorporated
- 2009-01-29
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated by Agnieszka Ilska and Jad Youssef, with the purpose of setting up a new restaurant in central London, specialising in Lebanese street food.
The Company acquired a 15 year lease for the Soho premses and commenced trading in early 2009 The initial trading of the restaurant was encouraging and the Directors sought to open a second larger restaurant as the Soho premises had limited seating of 28 covers.
In order to successfully expand the business, the Company required a significant cash injectton. Therefore the Directors sought an investor, which resulted in Montgold Capital LLP (Formerly Parkview Capital LLP) (“Montgold”) acquiring a 50% shareholding in the Company in 2010 in exchange for £250,000 mvestment, which included a loan of £175,000 This required a formal shareholders agreement, in order to oversee the actions of the Directors and also Montgold appointed two further Directors of their choice to monitor the Company’s trading. The Directors appointed by Montgold, later resigned in November 2012 and June 2013.
Administrators' statement of proposals (2017-01-30) · Companies House register