Ceviche Ltd (07425150): administration
- Status
- Administration ended
- Administration began
- 2019-11-15
- Administrators
- Gordon Thomson, Damian Webb, Allan David Kelly
- Administrators' firm
- RSM
- Incorporated
- 2010-11-01
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Weak consumer demand
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 1 November 2010 by Martin Morales to start a chain of Peruvian restaurants within central London. The Company's first restaurant, named ‘Ceviche’, opened in Frith Street, Soho in February 2012 and was quickly operating successfully.
Following this, the Company sought to expand by opening an additional restaurant. In November 2013, the Company launched its ‘Andina’ brand and opened a restaurant in Shoreditch. With Ceviche Soho and Andina Shoreditch trading strongly, the Company identified additional locations in popular areas of central London. In March 2015, the Company raised finance National Westminster Bank plc (“Natwest”) and opened further Ceviche in Old Street. Whilst the Old Street area of London had not experienced the same degree of growth as areas such as Shoreditch, the Company believed that a renaissance of the area and its restaurant trade was likely over the coming years. Following a second round of investment and further lending from Natwest, the Company opened another Andina restaurant in Piccadilly in July 2016.
By the latter half of 2017 it became apparent that despite the success of Soho and Shoreditch the restaurants in Old Street and Piccadilly were not trading as strongly. Low sales and high running costs contributed to these restaurants making a loss, resulting in an overall loss of £200k in year ending 2018.
Administrators' statement of proposals (2020-01-15) · Companies House register