LPS Norwich Limited (12049741): administration
- Status
- Administration ended
- Administration began
- 2023-01-23
- Administrators
- Andrew Mctear, Joanna Watts
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2019-06-13
- Location
- Norwich
- Industry
- 56101 Licenced restaurants
Why it went into administration
- COVID-19
- Property / lease costs
From the administrators' statement
The Company was incorporated on 13 June 2019 as a public house located at 27-29 King Street, Norwich, Norfolk. The Company commenced trading on 14 June 2019 following the purchase of the business and assets from a company called FM2 Limited shortly before it was placed into creditors’ voluntary liquidation. At the time of incorporation there were two directors of the Company, Simon Peters and Christopher Oxbury, who were also both 50% shareholders of the Company. The Company employed five members of staff (including the directors) plus a number of additional staff who were employed on zero-hour contracts. Mr Peters’ role within the Company was as bar manager whilst Mr Oxbury operated as the general manager.
For the first financial year of trading ending 30 June 2020 the Company reported a posttax loss of £9,142 on a turnover of £395,992. This was as a result of the Company having to temporality close between March and July 2020 in order to comply with lockdown restrictions as a result of the Covid-19 pandemic.
In May 2020 the Company was granted a bounce back loan of £50,000 with Barclays Bank Plc in order to provide financial support for the Company. These funds were utilised to develop the outdoor seating area, allowing the Company to re-commence trading faster as the easing of Covid-19 restrictions meant that public houses and bars were allowed to re-commence trading providing they had outdoor seating facilities for customers. The funds which had not been utilised for this purpose were used to generally provide cashflow support to the business through the first lockdown. Unfortunately, the country was placed into further lockdowns throughout the course of 2020 and 2021 meaning the Company was forced to temporarily cease trading each time which continued to have negative impacts on the Company's business.
Administrators' statement of proposals (2023-03-08) · Companies House register