Mclean Wines & Spirits Limited (SC130007): administration
- Status
- Administration ended
- Administration began
- 2014-09-03
- Administrators
- Thomas Campbell Maclennan, Christopher Stirland
- Administrators' firm
- FRP Advisory
- Formerly
- Extraletter Limited
- Incorporated
- 1991-02-15
- Location
- Glasgow
- Industry
- 56302 Public houses and bars
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The company was incorporated on 15 February 1991 and traded as a holding company and public house from Lock 27, 1100 Crow Road, Anniesland, Glasgow. On 29 October 2012 the Company granted a lease for Lock 27 in favour to Lock 27 (Glasgow) Ltd who took control of the licenced premises. From this time onwards the company operated solely as a holding company.
The business owns 3 freehold properties all of which operate in the pub and restaurant industry. Since 2006 the company has made regular trading losses which have been supported only by revaluations of the company’s fixed assets. Mr McLean has attributed these losses to the current financial climate and the resultant trading difficulties. The losses significantly impacted on the company’s cashflow and left it unable to meet its financial obligations as and when they fell due.
On 3 September 2014, Christopher John Stirland and | of FRP Advisory LLP were appointed by Greene King Brewing and Retailing Ltd as Joint Administrators of the Company at which time the appointment was lodged at the Court of Session, Edinburgh. The appointment permitted the Joint Administrators to take any actions required either jointly or alone, and | have been the Administrator primarily involved in dealing with the Company’s affairs.
Administrators' statement of proposals (2014-11-07) · Companies House register