Marc (Bakery) Limited (06906119): administration
- Status
- Administration ended
- Administration began
- 2020-03-05
- Administrators
- Nicholas John Edwards, Graham Paul Bushby
- Administrators' firm
- RSM
- Incorporated
- 2009-05-14
- Location
- Milton Keynes
- Industry
- 56290 Other food services
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company was incorporated in May 2009 to deliver high quality baked foods to high-end restaurants, hotels and members ciubs. Annual turnover has historically been c.£2m, however, large payroll costs have contributed to significant net losses each year.
The MARC Group has had significant financial difficulties in the past. Mark Wilson and Philip Sykes of RSM Restructuring Advisory LLP (‘RSM’) were appointed as Compulsory Liquidators for 5 members of the Group (this entity included) in December 2018 following Winding-up Orders. Management provided funds for ongoing trading (i.e. whilst in liquidation) and also paid all professional fees. The Winding-up Orders were subsequently rescinded at the end of December 2018 and control was passed back to the relevant directors.
Ongoing tosses has resulted in further financial distress and HM Revenue and Customs again filed winding-up petitions. The petition related to unpaid VAT and has affected all companies within the above structure owing to the presence of a group VAT scheme. Graham Bushby and Nick Edwards of RSM were recently appointed Administrators of two companies within the group, Dailyrare Limited and MARC (UMU) Limited. MARC Limited is in compulsory liquidation.
Administrators' statement of proposals (2020-04-15) · Companies House register