Rococo Chocolates London Limited (12061182): administration
- Status
- Administration ended
- Administration began
- 2022-06-09
- Administrators
- Gary Paul Shankland, Irvin Milton Cohen
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2019-06-20
- Location
- London
- Industry
- 10821 Manufacture of cocoa and chocolate confectionery
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 20 June 2019 in order to acquire the business and assets of Rococo Chocolates Ltd (in liquidation) (“RCL”), which entered into administration on 23 May 2019 and thereafter into creditors’ voluntary liquidation on 27 May 2020. Mr Morley, the sole director and sole shareholder of the Company, provided funds to the Company by way of shareholder loans in order to facilitate this purchase and provide working capital, which are indicated in the Company’s formal accounts as well as the Estimated Outcome Statement (“EOS”) attached at Appendix 1.
The Company's primary activity was the production and sale of luxury chocolates, operating a kitchen and packing facility in leased premises West Dulwich. Products were listed at well-known department stores and sold through leased retail shops in Belgravia, Chelsea, Marylebone, Covent Garden, and St John’s Wood and its website.
Trading was significantly impacted by the COVID pandemic. Despite a significant increase in revenue, particularly online, the Company needed more working capital and on 17 May 2021 it obtained a loan of £1M from General Security 2 Limited (“GS2”), an entity within the Cyan Finance group of companies (together, “Cyan Finance”), via the Coronavirus Business Interruption Loan Scheme (“the CBILS Loan”). The Company granted security to GS2 in respect of the CBILS Loan by way of a debenture conferring fixed and floating charges over all of the Company's assets, which was created on 17 May 2021 and registered at Companies House on 24 May 2021.
Administrators' statement of proposals (2022-06-21) · Companies House register