Ballie Ltd (11719839): administration
- Status
- In administration
- Administration began
- 2024-09-19
- Administrators
- Brian Burke, Andrew Andronikou
- Administrators' firm
- Quantuma
- Incorporated
- 2018-12-10
- Location
- London
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Weak consumer demand
- Cash flow / liquidity pressure
- HMRC / tax arrears
- COVID-19
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
- Rising costs / inflation
- Property / lease costs
- Rising interest rates
From the administrators' statement
The business started as a "pop-up" concept (operated as BallieBallerson London Limited) in Dalston c.2017 and was ran by the Company’s director, Morwenna Armstrong. The business proved to be extremely successful and gained mass social media and press coverage, following which steps were taken to transition the business from a “pop-up” concept into a business operating from a permanent location. Accordingly, the business entered into a management agreement with the landlord at its current premises in Curtain Road, London.
The business continued to perform well and so private equity funding was sought in 2019 to buy-out the management agreement with the landlord as the Company sought to enter into a formal long-term lease agreement. In 2019, Imbiba invested £2.5m in exchange for an equity stake in the Company. Upon receipt of this investment, the Company was formed and continued to operate the business in place of its wholly owned subsidiary, BallieBallerson London Limited.
Following the Company’s strong financial performance, and the investment received , the business expanded and the Company began trading at additional sites.
Administrators' statement of proposals (2024-11-05) · Companies House register