Riccis Tapas & Cicchetti Ltd (08201874): administration
- Status
- Administration ended
- Administration began
- 2018-02-09
- Administrators
- Mark Nicholas Ranson, Michael Christian Kienlen
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2012-09-05
- Location
- Leeds
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
- Weak consumer demand
- Rising costs / inflation
- Competition / price pressure
- Weather / natural events
From the administrators' statement
The Company was incorporated on 5 September 2012 encompassing two restaurants, Ricci’s Place (Ground Floor and Basement, Crossley House, Halifax) and Ricci’s Tapas & Ciechetti (Ground Floor West, F Mill, Dean Clough, Halifax).
The Company successfully increased its turnover year on year to the year to the end of FY16. However, the Company began to suffer from rising overhead costs. Flood damage to the Company’s trading premises (see below) lead to an inevitable increase in the cost of repairs and renewals (137% FY16) and insurance costs (42% FY16). The Company had to deal with loss of several key employees and as a result, staffing costs in the FY16 increased by 54% and the associated costs of recruitment increased by 249%.
In addition to the Company, two other companies make up the Ricci’s Group (the Group), Ricci’s 53 Degrees North Limited (53DN) and Ricci’s at Leeds Limited (RAL). Both 53DN and RAL are also in Administration. Mark Ranson and I have also been appointed as Joint Administrators of 53DN and RAL.
Administrators' statement of proposals (2018-03-16) · Companies House register