Hyde Restaurants Ltd (10400805): administration
- Status
- Administration ended
- Administration began
- 2018-12-03
- Administrators
- Michael Colin John Sanders, Georgina Marie Eason
- Administrators' firm
- MHA
- Incorporated
- 2016-09-29
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 29 September 2016 by Scott and Chloe Ward, husband and wife. Scott Ward is the sole shareholder.
The Company's business was that of a restaurant, bar and coffee shop and it traded from Leman Street London, situated close to popular Aldgate tube station and in the heart of some local regeneration projects.
The Company was expected to be in a position of growth with a second site that opened in Edinburgh but unfortunately this site was not successful and was quickly closed. There were other projects in Manchester and Winchester that collapsed, meaning costs were incurred but revenue not realised. Attempts were made to raise capital to cover the losses and support trading, but these were unsuccessful. This made cash flow increasingly difficult to manage and more recently, has impacted the Company’s ability to pay creditors on time.
Administrators' statement of proposals (2019-01-21) · Companies House register