The Allbright Group Limited (10154770): administration
- Status
- Administration ended
- Administration began
- 2023-07-17
- Administrators
- Asher Miller, Stephen Mark Katz
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2016-04-28
- Location
- London
- Industry
- 94990 Activities of other membership organisations n.e.c.
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Rising costs / inflation
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Parent or group failure
- Competition / price pressure
From the administrators' statement
The Company was incorporated in 2016 and began trading in 2018, creating a physical and digital network to support women in the workplace. The Company operated a flagship club for its members in Maddox Street, Mayfair, equipped with restaurant, bar, and lounge areas, private dining facilities, an audiovisual studio and private hire events spaces. The Company also offered a range of global digital services to members and brands, including its own app, enabling members to connect, network, and upskill.
The business was funded by a combination of debt, via secured lending from Cain Hoy Finance Limited (“CHFL” or “Cain”) and an unsecured convertible loan from The Future Fund and another Cain related entity, along with shareholder investment through a series of equity funding rounds.
The business experienced strong growhth in its first years of trading, exceeding 1,000 members at its flagship club and signing up over 80,000 registered users to its digital platform. The Company’s statutory accounts show that, between March 2021 and March 2022, turnover more than doubled to c£3.2 million, with annual pre-tax losses reducing from just over £15.5m to £6m. Management accounts indicate that the Company increased revenue to c£3.7 million in the year to March 2023, with net losses reduced to below £3m.
Administrators' statement of proposals (2023-09-07) · Companies House register