NYC Partnership Limited (08783424): administration
- Status
- Administration ended
- Administration began
- 2018-02-22
- Administrators
- Claire Elizabeth Dowson, Joanne Louise Hammond
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-11-20
- Location
- Sheffield
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company operated a chain of five New York themed burger restaurants and bars in the North East area at sites in Bawtry, Doncaster, Stocksbridge, Hull and Darlington. The Company was in the process of opening a sixth site in York but the fit out had not been completed.
The business had expanded rapidly in the last 18 months opening four new sites. The director had obtained funding to support the growth of the business though Enterprise Finance Guarantee Scheme loans and six short term unsecured loans via crowd funding or sub-prime lenders.
The opening of the Darlington site was delayed from June 2017 until September 2017 which significantly impacted upon cash flow projections and also had a knock on effect on the development of the York site as contractors were not ready to start on time.
Administrators' statement of proposals (2018-03-14) · Companies House register