From the administrators' statement

The Company was incorporated on 28 January 2015, under the control of the incumbent directors/shareholders. The Georgian Hotel (“the Hotel”) was purchased in May 2015, out of a prior administration process.

Although financial results indicated during the previous administration that the Hotel traded at a profit (albeit marginal), following the Company’s purchase, current management were unable to sustain these results. The Company encountered financial difficulties within 18 months of the transaction and was unable to settle its liabilities as and when they felt due.

By February 2017, the Company was facing increasing pressure from suppliers, had fallen in arrears with HMRC (who were threatening enforcement action) and staff wages were not able to be paid in full at month end.

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Lionhouse Hotels Ltd (09409817)

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