Getti Limited (11020627): administration
- Status
- Administration ended
- Administration began
- 2024-05-24
- Administrators
- Asher Miller, Stephen Mark Katz
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2017-10-18
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- HMRC / tax arrears
- Weak consumer demand
- Energy costs
- Loss-making contracts / project overruns
From the administrators' statement
Incorporated in 2017, the Company was set up to own and operate all day Italian restaurants across multiple sites in London. The first location was opened in May 2018 in Marylebone and despite pressure on trade brought on by the Covid Pandemic, the business navigated this period and was able to open a second site in Notting Hill.
The year of 2021 was profitable for the two restaurants, with the Company benefitting from the Covid support available from the Government. Increasing energy prices impacted profitability in 2022 however, the business continued to experience consistent footfall at each site.
In September 2023, the Company signed a new long lease at a third site on Brompton Road. Cost overruns caused delays in the development of this premises and external funding was required to support the Company’s cashflow. Despite a successful crowdfunding campaign in February 2024, construction at this site was paused in March 2024 due to insufficient funding to continue the development.
Administrators' statement of proposals (2024-07-23) · Companies House register