Cricketers Inns Limited (09021799): administration
- Status
- Administration ended
- Administration began
- 2019-11-01
- Administrators
- Steven John Williams, Lila Thomas
- Administrators' firm
- FRP Advisory
- Incorporated
- 2014-05-01
- Location
- Preston
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
CIL trading as ‘the Plough’ was incorporated on 1 May 2014 by Paul Spencer (the sole Director) and operates as a boutique pub with accommodation from premises at The Plough Inn, Cow Brow, Lupton, Cumbria, LA6 1PJ. The Company employs 44 staff.
Upon incorporation, the Company entered into a lease to operate the business. Initial capital of £235,000 was injected into the business by a number of private investors including the Director. In 2015, the Company obtained additional funding by way of a loan for £700,000 from John and Maureen Hirst to purchase the property and assets from the landlord, secured by fixed and floating charge debenture.
In December 2016, the Director formed CIYL and CINQL as wholly owned subsidiaries of the Company. CIYL acquired the freehold of The Harts Head Inn, Belle Hill, Giggleswick, Settle, BD24 OBA and CINQL operated The Crown and Kettle, Oldham Road, Manchester under lease. The funding was secured from Handelsbanken as well as a refinance of the Company’s borrowings. A sum of £650,000 was loaned to the Company to help fund the acquisitions, to finance the refurbishment of The Plough and to part repay the existing secured creditor £325,000. In return, Handelsbanken were granted priority security, a first ranking fixed and floating charge over the property and assets.
Administrators' statement of proposals (2020-01-06) · Companies House register