18 Hospitality Limited (10368248): administration
- Status
- Administration ended
- Administration began
- 2020-03-25
- Administrators
- Miles Needham, Simon Peter Carvill-Biggs
- Administrators' firm
- FRP Advisory
- Incorporated
- 2016-09-09
- Location
- Stanmore
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Property / lease costs
From the administrators' statement
FRP were first approached on 14 January 2020 following an initial introduction from Mr Ghulam Alahi of Vision Consulting.
Discussions centred around the lease terms entered into by the previous director, which appeared to be substantially above the prevailing market rate for the location of the restaurant. It was the directors’ opinion that the Company could not continue operations paying rent at that level. The current lease provides for rent at £250,000 pa.
The directors sought advice from FRP as to their options available and, in light of other options being exhausted, FRP’s advice was that the Company should enter Administration, whereby it could then propose a CVA to its creditors. If approved, control of the restaurants would be returned to the directors and the Administration process would be concluded.
Administrators' statement of proposals (2020-04-09) · Companies House register