Meraki Restaurants Limited (09984893): administration
- Status
- In administration
- Administration began
- 2025-11-26
- Administrators
- Mark Robert Fry, Jack Caten
- Administrators' firm
- Begbies Traynor
- Formerly
- MM&S (5913) Limited
- Incorporated
- 2016-02-03
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 3 February 2016 in order to open and operate a restaurant and bar from leased premises in Fitzrovia, London, trading as Meraki Restaurant. Initial funding for the lease acquisition and set up costs was provided by the Company’s shareholders, and thereafter they contributed with further working capital injections. Latterly an overdraft facility of up to £150k was provided by HSBC UK Bank Pic (“HSBC”) to provide further ad-hoc working capital depending on the Company’s financial requirements from time to time.
Meraki Restaurant is a fine dining establishment attracting customers to a well known and exclusive part of London, specialising in Greek cuisine with a focus on authenticity, importing ingredients from Greece-based suppliers. However, the business was generally loss-making, accruing trading losses over several years, necessitating further shareholder funding requirements in order to continue trading. The Company also had regular recourse to the HSBC overdraft facility since late 2017, albeit there was a positive cash balance as at the time of the Company’s administration and so there is no known liability to HSBC.
Approximately 12 months ago it became apparent to the directors that the Company required a revised business plan in order to improve sales and, whilst a plan was implemented, this did not result in any material increase in sales and profitability. Accordingly, in June 2025, further funding was sought from the Company’s shareholders and at a shareholders’ meeting it was reported that a minimum amount of £1,092,958 was required to maintain the Company and enable it to continue trading. However, whilst shareholders advised they would consider funding at a lower level on an ongoing basis, funding at the required level was not secured from the shareholders and, consequently, the Company engaged professional advisers on 23 June 2025 for the purposes of marketing the Company, and/or the Company’s business and assets, for sale, primarily focussing on an assignment of the leases which make up the restaurant premises.
Administrators' statement of proposals (2025-12-05) · Companies House register