Mgsph 3 Limited (09379474): administration
- Status
- Administration ended
- Administration began
- 2019-02-21
- Administrators
- Situl Devji Raithatha
- Administrators' firm
- Shringfields Advisory
- Incorporated
- 2015-01-08
- Location
- Leicester
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 8 January 2015 to operate Pizza Hut Franchises under Franchise Agreements with Yum! II (UK) Limited (“Yum”). The first unit was opened in Airdrie on 29 March 2015, a second unit was opened in Cambuslang on 7 December 2015 and a third unit was opened in Bathgate on 14 March 2016.
The Company was part of a group of companies referred to as the RNT Group (“the Companies”), which operated a combined total of seventeen units. The sole director and ultimate beneficial owner of the Companies is Farhat Faheem, who had previousexperience in the food industry prior to establishing the businesses. The acquisition, fit out and operation of the units was funded through personal toans, asset finance agreements, a secured loan, and unsecured loans from secondary lenders. There were also intercompany loans between the Companies.
The Companies employed a combined total of 273 members of staff, which included 60 employees of the Company.
Administrators' statement of proposals (2019-03-26) · Companies House register