Capital Physio Limited (08954715): administration
- Status
- Administration ended
- Administration began
- 2021-10-14
- Administrators
- Joanne Louise Hammond, Kris Anthony Wigfield
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2014-03-24
- Location
- Northampton
- Industry
- 86900 Other human health activities
Why it went into administration
- COVID-19
- Weak consumer demand
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Property / lease costs
- Sustained trading losses
- Brexit
- Weather / natural events
From the administrators' statement
The Company was incorporated on 24 March 2014 and Joshua Catlett was appointed as the sole director. On 15 May 2019, Tiffany Sword and John Gripton were appointed as directors, shortly joined by Erica Casey on 10 June 2021. The Company traded as Bodyset and provided a specialist range of private physiotherapy and massage services across 20 clinics, primarily located within central London. The Company provided a range of services including physiotherapy, massage, acupuncture, nutritional therapy, yoga, desk assessment and isobar compression.
Following the incorporation of the Company in 2014, the business grew from a single clinic to a mixed estate of 30 clinics in 2019 which were obtained via a combination of organic site openings and acquisitions.
The Company was initially financed through a bank overdraft facility which has subsequently been removed. In May 2019, the Company received an equity investment led by Osmond Capital Ltd, the preliminary purpose being expansion of the business. On 11 September 2019 the Company obtained a loan with National Westminster Bank Plc (“NatWest”) for the sum of £100,000 to restructure an existing working capital loan with Metro Bank Pic. This loan was secured by a Company debenture and a personal guarantee from Joshua Catlett. Additionally, to support business interruption during the COVID-19 pandemic, the Company obtained a further 3 loans from NatWest under the Coronavirus Business Interruption Loan scheme (“CBiLs”) totalling £800,000 which were also secured via the existing Company debenture. The Company also received grant funding from local council totalling £249,000.
Administrators' statement of proposals (2022-01-08) · Companies House register