Soho Workout Ltd (09503449): administration
- Status
- Administration ended
- Administration began
- 2020-11-30
- Administrators
- Timothy John Edward Dolder, Joanne K Rolls
- Administrators' firm
- Opus Restructuring
- Formerly
- Intellectual Properties (London) Limited
- Incorporated
- 2015-03-23
- Location
- Milton Keynes
- Industry
- 86900 Other human health activities
Why it went into administration
- COVID-19
From the administrators' statement
3.1 As a result of the Company’s investments in the refurbishment, it was unable to regain a healthy position over its limited trading to March 2020 and its prospects for future trade for the subsequent months were low due to the coronavirus pandemic. The Directors believed that as the Company held reserves of £95,000, was eligible for a CBILS loan and furlough support, the Company could easily survive until it was possible to reopen.
3.2 As Covid-19 seemed to be receding over the summer and gyms began to reopen, all indications were that the Company would be able to re-commence trade at the start of November 2020.
3.3. However, when the coronavirus numbers spiked for a second time the directors and shareholders unanimously agreed that the Company could not survive beyond 31 December 2020 and expect to be able to trade out of any further rise in debt.
Administrators' statement of proposals (2021-01-25) · Companies House register