Caldwell Restaurants Limited (09315813): administration
- Status
- Administration ended
- Administration began
- 2018-01-24
- Administrators' firm
- Edge Recovery
- Incorporated
- 2014-11-18
- Location
- Bromley
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
- Rising costs / inflation
- Creditor pressure / legal action
- Rising interest rates
- Brexit
From the administrators' statement
The Company began trading in December 2014 from two sites, Cafe Med in St. John’s Wood and MK Bar & Grill in South Kensington. The business was set up at short notice and bridge finance had to be utilised with the resultant punitive high interest rates. The plan was to replace this with a normal High Street Bank commercial loan on more attractive terms and although this had been promised by several
brokers it did not materialise in part due to mediocre trading, resulting in continuing payment of the high interest charges.
In addition, the South Kensington site needed significant investment to return it to previously achieved trading figures and the St. John’s Wood site was subject to a lease renewal, which came with a costly dilapidation schedule. The knock-on cost to the Company whilst these works were carried out was significant. Both restaurants were shut for a period of time and the St. Johns Wood restaurant in particular was encased in scaffolding for several months resulting in worse than anticipated trading figures.
Administrators' statement of proposals (2018-03-27) · Companies House register