Bugibba Independent Limited (11258923): administration
- Status
- Administration ended
- Administration began
- 2024-08-30
- Administrators
- Jessica Thomas, Philippa Smith
- Administrators' firm
- Smith & Barnes Insolvency Practitioners
- Incorporated
- 2018-03-16
- Location
- Leeds
- Industry
- 10710 Manufacture of bread; manufacture of fresh pastry goods and cakes
Why it went into administration
- HMRC / tax arrears
- Over-expansion / investment not recovered
- Competition / price pressure
From the administrators' statement
The Company was formally established in March 2018, although its operational commencement was delayed until June of the same year due to preliminary startup procedures. Initially registered as Bugibba Independent Limited, the Company also operates under the trading name Project Doughnut / Project D.
The Company has operated from a leased premise located at Unit 1 Anglers Business Centre, Nottingham Road, Spondon, Derby, England, DE21 7NJ. Substantial refurbishments were undertaken to ensure the suitability of the premises for the Company's operations, particularly for the production of its primary product, doughnuts. The Company has experienced rapid expansion, increasing its team from 10 members in its current year to 62 by 2023.
Adopting a functional trading approach, each of the directors were assigned to oversee crucial aspects of the business, including Operations, Creativity, and Strategy. With a vision for rapid growth, the directors invested personal capital, secured loans, and provided personal guarantees to facilitate the Company's expansion, with a significant portion of the loan funds allocated towards equipment and machinery procurement.
Administrators' statement of proposals (2024-10-23) · Companies House register