From the administrators' statement

The Company’s financial performance was significantly impacted by COVID-19. Although sales were mostly in line with budget coming out of the pandemic, the material cost inflation since mid-2022 (primarily across food, beverages and utilities), combined with the compounding effect of national minimum wage increases above inflation, negatively impacted profit margins / cash generation.

The Company continued to build-up arrears with HMRC, landlords and other trade creditors following the pandemic. The Company entered into a time to pay agreement with HMRC and agreed payment plans with other creditors based on the profitability of the company.

However, for the reasons detailed above, the Company continued to accrue material creditor balances and towards the end of 2023 came under significant cash flow pressure.

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Deep Beat Entertainment Ltd (11028226)

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