Devonshire Club Limited (08869785): administration
- Status
- Administration ended
- Administration began
- 2020-03-18
- Administrators
- Sandra Lillian Mundy, Thomas Charles Russell
- Administrators' firm
- FRP Advisory
- Formerly
- Devonshire Square Club Limited
- Incorporated
- 2014-01-30
- Location
- Southampton
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- COVID-19
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated in January 2014 and traded as a private members’ club from leasehold premises in London. The Company is a wholly owned subsidiary of Devonshire Club (Holdings) Limited (“Holdings”) which entered administration at the same time as the Company.
The Company was initiafly funded by secured loans from RBS and loans from Holdings which were used to fund the set of the Club and the trading losses since incorporation which, according to recent management accounts, totalled some £26m.
In August 2019 the RBS loan was novated to DSC Investment Holdings Limited who are now the sole secured creditor and are owed approximately £11.9m including interest. The liability to Holdings is currently approximately £20m.
Administrators' statement of proposals (2020-05-19) · Companies House register