Tavern Restaurants Ltd (09377027): administration
- Status
- Administration ended
- Administration began
- 2019-06-07
- Administrators
- Tom Straw, Simon Robert Thomas
- Administrators' firm
- Moorfields
- Incorporated
- 2015-01-07
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
- HMRC / tax arrears
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Pension deficit
From the administrators' statement
The Company was incorporated on 7 January 2015 for the purpose of operating a barbeque restaurant with an elegant twist in Devonshire Square, London. The directors are Andrew Stevens, Simon Anderson, Thomas Northway and Richard Spacey.
The Company traded under the name of Pitt Cue. The brand had originally been launched by its founding directors in 2011 as a food truck in London’s west end before moving to its first restaurant premises in Soho, London. The product offering in its revised restaurant format proved widely popular, with the 18-cover restaurant gaining a loyal customer base and industry awards. Given its popularity, the directors sought to move the restaurant into larger, upmarket premises in the City.
To assist the directors, a new legal entity was incorporated (being the Company) and capital of £1.86 million was raised through the issue of circa 2 million shares to approximately 54 shareholders. The shareholders included the directors and their personal friends or business associates.
Administrators' statement of proposals (2019-08-14) · Companies House register