From the administrators' statement

2.1 Brief background

The Company was incorporated on 31 July 2017 to acquire the business and assets of a restaurant and bar trading as ‘Fat Buddha’. The acquisition was a solvent going concern sale and it completed in September 2017. Trade commenced immediately upon acquisition.

A significant refurbishment was undertaken in March 2018 separating the restaurant and bar into isolated areas in an attempt to increase revenue. PAGH Newcastle Limited was incorporated to undertake the refurbishment and to trade the bar following completion. PAGH Newcastle Limited is part of the Chrysalis Leisure Group. There remained some non-public communal areas such as office space and kitchens. The refurbishment was funded by Director loans, investment by the shareholders and loans obtained by PAGH Newcastle Limited

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FAT Buddha (Newcastle) Limited (10891361)

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