New Glow Urban SPA (Holdings) Limited (07216939): administration
- Status
- Administration ended
- Administration began
- 2011-06-01
- Administrators
- Cameron Gunn, Mark Supperstone
- Administrators' firm
- ReSolve
- Incorporated
- 2010-04-08
- Location
- London
- Industry
- 7415
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The business was founded three years ago by therapist Philip Davies, and the Companies were incorporated as a vehicle to acquire Mr Davies’ business The acquisition completed on 16 April 2010 As a result, Mr Davies became a 35% shareholder of NGUSH, with the remaining 65% being held by Cogn8 Limited, a company owned and contralted by the Companies’ director, Sara Pearson
The Companies offered luxury day spas, yoga sessions, products and treatments and traded from leasehold salons located in Knightsbridge and Belgravia At the time of appointment all trading was conducted by NGUSH The leasehold interests, however, were held by Cogn8 Limited It should be noted Cogn8 Limited ts not in any form of insolvency process
We were advised that the acquisition included a commitment by NGUSH to pay certain of Mr Davies’ personal business liabilities including c£23,000 owed to HMRC However NGUSH failed to generate sufficient cash in its first year of trading to be able to pay these legacy liabilites and meet its own obligations including an HMRC hability of c£100,000
Administrators' statement of proposals (2011-07-26) · Companies House register