Lorenzo (North East) Limited (10981162): administration
- Status
- Administration ended
- Administration began
- 2022-03-02
- Administrators
- Andrew D Haslam, Steven Phillip Ross
- Administrators' firm
- FRP Advisory
- Incorporated
- 2017-09-26
- Location
- Newcastle upon Tyne
- Industry
- 56101 Licenced restaurants
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 26 September 2017 as a special purpose vehicle for the acquisition of the trade and assets of Taylor & Young Pub Company Ltd. This involved a public house/restaurant at 55 New Road, Harraton, Washington NE38 9AT and a restaurant at 121-123 High Street, Gosforth, Newcastle upon Tyne, NE3 1HA. Both restaurants operated under the “San Lorenzo” trading sty'e offering traditional, “neighbourhood” Italian cuisine. More recently ‘Casa’ was added to the trading style therefore trading as “Casa San Lorenzo”.
The acquisition completed in January 2018 and involved the assignment of leases from two separate landlords of the Company. The acquisition price was £250,000 and was financed by Kevin Pattison (Director and Shareholder) and retrospective discount finance from Bidfood. Stuart Young was appointed as a director on 11 January 2018 and a shareholder in May 2018.
The initial directors were therefore Kevin Pattison and Stuart Young, however, in mid 2019 Stuart Young resigned as a director of the Company following an operational matter but remained as a shareholder and continued his executive role as operations manager of the venues. Stuart Young later transferred his shares to Kevin Pattison in July 2020.
Administrators' statement of proposals (2022-03-10) · Companies House register