Glam Leisure Limited (08630722): administration
- Status
- Administration ended
- Administration began
- 2019-03-22
- Administrators
- Robert John Coad, Neil John Maddocks
- Administrators' firm
- Insolvency Practitioners of Undebt.co.uk
- Incorporated
- 2013-07-30
- Location
- Bristol
- Industry
- 56302 Public houses and bars
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company started to trade in October 2013 as a bar called “The Exchange’ from premises on Trinity Street, Hanley. The Exchange formerly traded as “Fat Cats’, which went into Administration earlier in 2013, ali of the directors had been involved with Fat Cats previously as either an employee or event promoter.
The three directors, together with two additional former employees of Fat Cats had a lot of affection for the building and decided to incorporate the company in the hope of taking on the business. The Directors pooled what savings they had and managed to reopen the bar in October of 2013. The make-up of the new company was 3 directors, that were also shareholders, and 2 additional shareholders.
The Company had to reinstall all of the equipment that had been removed after the previous tenants had left, and made changes to decoration and repairs that were required. The Company was unable to do any substantial works to the building due to cost and limited funds available, as provided by the Directors and personally. Notwithstanding this, the Directors were determined to reopen the bar as The Exchange and to re-employee as many staff that had lost their jobs with the previous tenant.
Administrators' statement of proposals (2019-06-03) · Companies House register