Pinkmans Bakery Ltd (09338265): administration
- Status
- Administration ended
- Administration began
- 2017-09-07
- Administrators
- Simon Robert Haskew, Neil Frank Vinnicombe
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2014-12-03
- Location
- Bristol
- Industry
- 56101 Licenced restaurants
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The Company was incorporated on 3 December 2014 and operated as a licensed café/restaurant and micro-bakery in central Bristol. The Company employed 29 employees and was listed by The Sunday Times as one of the best 25 bakeries in the UK. From the commencement of trading to 31 December 2015, the Company turned over £23,554. For the period from January 2017 to May 2017, turnover had grown to over £450,000.
We were initially contacted by email by the Company’s managing director (MD), Steven Whibley on 6 July 2017 explaining that the Company had got quite far behind with supplier payments, HMRC and rent arrears and was not generating enough cash from trading to catch up with payments to these creditors, Although one of the minor shareholders was exploring a possible cash injection, the MD considered it necessary to take advice concerning the insolvency options available to the Company. The Company experienced creditor pressure consisting of notices of intention to terminate finance agreements in relation to catering equipment, and a warning of winding up frorm HMRC subsequently followed on 16 August 2017.
The Company was insolvent and could not pay its liabilities as they fell due. The pre-packaged sale of its business and assets was considered likely to produce a better outcome than would otherwise be achieved if the Company was allowed to cease trading and then be placed into liquidation. An independent appraisal of the value of the Company's owned assets supported this view.
Administrators' statement of proposals (2017-09-26) · Companies House register