Meridian Vale Limited (08880392): administration
- Status
- Administration ended
- Administration began
- 2020-11-27
- Administrators
- Hamish Millen Adam, Samuel Adam Bailey
- Administrators' firm
- Las Accountants
- Incorporated
- 2014-02-06
- Location
- Ivybridge
- Industry
- 56101 Licenced restaurants
Why it went into administration
- COVID-19
- Property / lease costs
- Regulatory change or action
From the administrators' statement
Meridian Vale Limited (MVL) was formed on 6 February 2014 to create a new roadside services brand. The Company started to trade in November 2014 under the name Hog & Hedge, having acquired the lease of the restaurant building in the Whiddon Down service area on the A30 in Devon following the demise of Little Chef. A comprehensive refurbishment of the building was undertaken prior to opening.
The site traded strongly in the first year, growing sales by over 20% compared to the trading figures of Little Chef, the previous tenants. A small refurbishment took place in 2016 and a more substantial refurbishment in 2017, both of which helped to continue to grow sales. However, over recent years, the growth in sales at the Whiddon Down site had slowed due to the limited capacity of the car park and the building itself.
From 2015 onwards new roadside sites in good tocations were sought, but the Company was unable to secure a new site. Following the sale of Little Chef to EG Group in 2017, the directors decided that new avenues to expansion would be required in order to secure a second site. Following a comprehensive review of different markets, the high streets of market towns were picked as the best options to expand the brand.
Administrators' statement of proposals (2020-12-17) · Companies House register