Flirt CAFÉ Bar Ltd (09641448): administration
- Status
- Administration ended
- Administration began
- 2019-02-15
- Administrators
- Andrew J Cordon, James Oliver Everist
- Administrators' firm
- CFS Restructuring
- Incorporated
- 2015-06-16
- Location
- Nottingham
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
- Cash flow / liquidity pressure
From the administrators' statement
3.1 By 22 January 2019, it had become apparent that the Company required funding above the level available to it and neither the Company nor its director and previous director were in a position to continue to advance the necessary funding in order to pay wages and rent.
A review of the Company's cash-flow revealed that there would be insufficient working capital available to allow the Company to continue to trade in the medium term in order for a purchaser to be found. It also showed that the sales generated by the Company were sufficient to purchase fresh supplies on a “cash on delivery” basis to keep the café open in the short term, however with rent for one of the units overdue and the monthly wages due shortly, it was clear that any purchaser for the business would need to be found within days as opposed to weeks to avoid
it from closing. It was at this point that the director sought professional insolvency advice.
Administrators' statement of proposals (2019-04-02) · Companies House register