Copper House Bars Limited (11640068): administration
- Status
- Administration ended
- Administration began
- 2023-04-14
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 2018-10-24
- Location
- Reading
- Industry
- 56302 Public houses and bars
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
3.1 In 2020, all hospitality venues were significantly affected when they were forced to close their doors due to the impact of the COVID-19 pandemic. Whilst the trading losses were reducing, the business continued to struggle and the funders, the directors, were unable to invest any further funds into the business in order to support ongoing trading.
3.2 The directors therefore sought independent advice on the Company’s financial position and the options available to it and met with KRE Corporate Recovery Limited (‘KRE’) in October 2022.
3.3 Following a review of the Company, it was decided that the business and assets would be marketed in order to try and find a buyer on a going concern basis. Due to the prominent location of the trading premises in Berkhamstead, it was thought that it would potentially be attractive to interested parties and possibly facilitate a sale.
Administrators' statement of proposals (2023-05-03) · Companies House register