Crosstown Dough Ltd (08831327): administration
- Status
- Administration ended
- Administration began
- 2024-06-05
- Administrators
- Stephen John Absolom, William James Wright
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2014-01-03
- Location
- London
- Industry
- 10710 Manufacture of bread; manufacture of fresh pastry goods and cakes
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
As mentioned above, the management team had been implementing a turnaround plan focused on cutting costs and repositioning the brand.
The Company required further funding of c.£1.7 million over the next year to fund ongoing trading and make repayments to overdue creditors, as well as to fund modest
refurbishments and general capital expenditure for a select number of stores. However, despite the support of certain trade creditors, without a significant improvement in market conditions the Company was ultimately unable to address the challenging trading conditions and secure any further investment or funding, which led to unsustainable cash challenges and creditor pressure.
Administrators' statement of proposals (2024-06-24) · Companies House register