Popolo Leisure Limited (07626032): administration
- Status
- Administration ended
- Administration began
- 2014-03-19
- Administrators
- Lee Pryor, Julie Ann Swan
- Administrators' firm
- Partnership Invoice Finance
- Formerly
- Minhoco 16 Limited
- Incorporated
- 2011-05-09
- Location
- Dean Street
- Industry
- 56101 Licenced restaurants
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
Popolo Letsure Limited (“the Company”) was incorporated on 9 May 2011 and commenced trading in that month The business operated two licenced premises at, a) 82-84 Pilgrim Street, Newcastle upon Tyne, NE1 6SG, b) Leopold Square, Leopold Street, Sheffield, $1 2JJ, under the Popolo name, and c) a restaurant at 121-123 High Street, Gosforth, Newcastle upon Tyne, NE3 1HA, which traded under the name San Lorenzo
Popolo acquired the two bars from the Administrators of the previous operators in January 2012
We are advised that, whilst the combined turnover was approximately £2 million, the annual losses were circa £200k The Company faced creditor pressure from HMRC and other creditors and demands for the repayment of certain shareholder loans The Company did not generate sufficient net positive cash
Administrators' statement of proposals (2014-05-21) · Companies House register