Spice Bakery Limited (06824251): administration
- Status
- Administration ended
- Administration began
- 2019-02-13
- Administrators' firm
- KPMG
- Incorporated
- 2009-02-19
- Location
- London
- Industry
- 56102 Unlicenced restaurants and cafes
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Parent or group failure
From the administrators' statement
In October 2018, it was discovered that material accounting misstatements had been made in the Group’s audited accounts. This impacted the cash available to the Group to fund trading operations and rescue funding was subsequently provided by the Group’s majority shareholder, Mr Luke Johnson. However, this did not provide a long term solution to the funding deficit and an agreement could not be reached between the Group and its funders in regards to its continued funding. This led to the Group being unable to meet its employee wages liability for January 2019. As a result, the directors placed five of the companies in the Group into administration on 22 January 2019.
Spice Bakery Limited was incorporated on 19 February 2009 and had been a non-trading subsidiary of the Group since 1 October 2011, following the transfer of the trade and certain assets to Stonebeach Limited. Since that time, the Company only held a number of leases and intellectual property on behalf of the Group.
The Company had no employees and its registered office was located at the Group’s head office on Sarehole Road in Birmingham.
Administrators' statement of proposals (2019-03-14) · Companies House register