Poppies (Soho) Limited (09899595): administration
- Status
- Administration ended
- Administration began
- 2022-05-17
- Administrators
- Jamie Taylor
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-12-02
- Location
- Northampton
- Industry
- 56101 Licenced restaurants
Why it went into administration
- COVID-19
- Weak consumer demand
- HMRC / tax arrears
- Property / lease costs
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Management failings / irregularities
- Creditor pressure / legal action
From the administrators' statement
The Company was founded on the 2" December 2015 by Mr Ural Hassan and operates as Licensed restaurant and takeaway from premises at 55-59 Old Compton Street, Soho, London, W1D 6HW.
The site (formerly 2i’s Café) is known as an integral part of UK music history as the former coffee shop was the birthplace of British Rock and Roll.
The Lease was in a sought after triple fronted location and after paying a large premium and securing the site, with the assistance of 3” party funding, initially being First Merchant (paying £40,000 per calender month and subsequently with HSBC (paying £20,000 per calender month), takings peaked to £2,849,390 in the year ended 31 Dec 2020.
Administrators' statement of proposals (2022-07-08) · Companies House register