Play Centres Ltd (11410520): administration
- Status
- Administration ended
- Administration began
- 2023-06-06
- Administrators
- Edwin David Stanley Kirker
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2018-06-12
- Location
- London
- Industry
- 56102 Unlicenced restaurants and cafes
Why it went into administration
- Creditor pressure / legal action
- COVID-19
- Property / lease costs
From the administrators' statement
The Company was incorporated on 12 June 2018 by the current directors for the purpose of acquiring the children’s play centre business operated by Cheeky Dino Play Centre Ltd. Negotiations were protracted and the acquisition was not completed until 5 December 2018. The purchase price was £300,000 with a considerable proportion of this being attributable to goodwill.
Once in control of the business, the directors became aware that the predicted turnover was not as high as envisaged. It took almost a year to revitalise the business and achieve the predicted annual turnover of £300,000. With the business going in the right direction, the directors were confident that the business would continue to grow.
Unfortunately, in March 2020 the UK Government imposed total lockdown measures to control the spread of COVID-19 in the population, and in doing so forced the temporary closure of the play centre. These lockdown measures continued in various forms throughout 2020 and into 2021. During this time, the Company was unable to diversify its activities and had no other sources of income to meet its on-going financial commitments.
Administrators' statement of proposals (2023-08-15) · Companies House register