Veeno Bristol Ltd (09701394): administration
- Status
- Administration ended
- Administration began
- 2019-03-01
- Administrators
- Stephen Powell, Julie Anne Palmer
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-07-24
- Location
- Salisbury
- Industry
- 56101 Licenced restaurants
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
Despite the above the Company began to experience difficulties due to general trading conditions and a decrease in wine sales.
To mitigate issues the Company relied on its investors and the finance afforded by Veeninvest Limited (holding entity). The Company also utilised its banking facilities. Despite these difficulties the Company pushed on marketing and tested new products on its menu and attempted to reduce labour costs. However, despite these efforts labour costs increased and difficulties with the Company's suppliers made the viability of trading uncertain. Furthermore, HMRC were questioning the VAT treatment of sales from Veeninvest Limited to group members which may result in HMRC raising a significant assessment against Veeninvest Limited and potentially other entities part of the group.
Extracts from the Income Statements and Balance Sheets of the Companies report the following:
Administrators' statement of proposals (2019-04-10) · Companies House register