Omniac Realisations Ltd (08695873): administration
- Status
- Administration ended
- Administration began
- 2020-10-28
- Administrators
- Gordon Thomson, Damian Webb
- Administrators' firm
- RSM
- Formerly
- Camino Restaurants Limited
- Incorporated
- 2013-09-18
- Location
- Birmingham
- Industry
- 56101 Licenced restaurants
Why it went into administration
- COVID-19
- Weak consumer demand
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Property / lease costs
- Sustained trading losses
From the administrators' statement
Launched in 2008 to bring authentic and creative food and drink experiences from Spain to its UK customers by co-founders Nigel Foster and Richard Bigg, the Camino concept quickly grew in popularity with its combination of high-quality menus, a clear proposition and a passionate brand. Camino expanded to 4 locations across Central London, made up of 4 restaurants and 2 bars, with trade initially through several location specific entities.
CRL was incorporated in 2013 as the operating company for the Camino group, through which all trade was then carried out, with turnover growing to c£9m per annum. CLH provided management and head office functions to CRL. Funding for operations was by way of initial investment and re-investment (following other disposals by the co-founders), debt finance from Business Growth Fund (“BCF”) and retained profits.
CRL’s operations were significantly impacted by the Covid-19 pandemic in 2020. The business initially ceased trading due to the necessity to close all sites following the Government enforced lockdown in March. Although the lifting of restrictions enabled a reopening of all sites in July and August, the shift to home working drastically reduced footfall across Central London locations and demand from office workers, the key consumer group. The directors reduced the cost-base by reducing staff and overheads and drew on the Government support measures available to support the business such as the furlough scheme and HMRC support, however were unable to source additional funding. Trade was further hampered by the Government imposition in September of the 10pm curfew (resulting in a further loss of critical late evening customers).
Administrators' statement of proposals (2020-11-19) · Companies House register