NTD Restaurants Limited (09730051): administration
- Status
- Administration ended
- Administration began
- 2019-03-27
- Administrators' firm
- Antony Batty
- Incorporated
- 2015-08-12
- Location
- Brentwood
- Industry
- 56101 Licenced restaurants
From the administrators' statement
NTD Restaurants Limited was formed in August 2015 to open and operate a restaurant in London headed by Mr Niall Davidson, an up and coming young chef. The company was formed in August 2015 and over the next year several possible trading sites were identified and considered but ultimately not pursued. in late 2016 the opportunity to lease the basement and ground floor of The White Collar Factory became an option. During the First half of 2017 terms for the lease were negotiated and investors found to fund the project. The Company was owned 40% by Niall Davidson through Nuala London Limited and 60% by a pool of investors through Nuala investments Limited.
The final terms on the lease were agreed in August 2017 and building and fit out works began in the late summer, A management team was taken on board with a target opening date of the beginning of November 2017 to take advantage of the Christmas trade. There were various delays in the build out which meant that the restaurant did not open until mid-December. Nevertheless, restaurant staff had been retained from the anticipated commencement of trading in November as employees needed commitments to feave jobs prior co the busy Christmas period. The restaurant opened with positive reviews and finished 2017 in a pasition to open in 2018 as a fully operational entity.
As a result of the delay in the opening of the restaurant and the need to establish the brand in the market, both the key performance measures of wages and food and drink as percentages of turnover were greater than forecast during the initial period of trading. These costs were expected to reduce and move in line with industry norms once the restaurant had been fully operational For a few months.
Administrators' statement of proposals (2019-06-13) · Companies House register