Oakham Restaurant Limited (10517644): administration
- Status
- Administration ended
- Administration began
- 2019-06-19
- Administrators' firm
- Springfields Advisory
- Formerly
- M & S Oakham Limited
- Incorporated
- 2016-12-08
- Location
- Leicester
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 8 December 2016 and operated an Indian restaurant and wine bar from leased premises in Oakham. The business commenced trading on 6 March 2018 after extensive refurbishment to the trading premises. The director and key members of staff had a wealth of experience in the restaurant and dining industry. The initial set up and refurbishment costs were funded through loans from the directors and shareholders, and asset finance.
Following the commencement of trade, the business received positive reviews on social media and consumer sites and developed a loyal customer base. Despite the positive response to the business, substantial liabilities existed as a result of the high start-up and refurbishment costs. The Company struggled to generate sufficient funds to discharge these liabilities and meet its ongoing finance obligations and, as a result, other trading liabilities started to accrue.
Efforts were made to generate further revenue through advertising and promotions. Although the takings improved, these were not at a level to sustain the business moving forward.
Administrators' statement of proposals (2019-07-18) · Companies House register