Howie & Co (Scotland) Limited (SC205894): administration
- Status
- Administration ended
- Administration began
- 2011-08-26
- Administrators
- David M Menzies, Pamela Coyne
- Administrators' firm
- Begbies Traynor
- Formerly
- Newco (622) Limited
- Incorporated
- 2000-04-05
- Location
- Edinburgh
- Industry
- 5530
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated in 2000 following the purchase of the business of ‘Howies’ which had previously traded as a sole trader business. The Company trades as a restaurant from 5 tocations; four in Edinburgh and one in Aberdeen. In recent years the company has was reporting tumover of c£2.5m per annum and employed around 100 staff including full time and part time staff
Begbies Traynor (Central) LLP were first approached in May 2011 to provide advice to the directors of the company as the company was experiencing cashflow difficulties. The company had already entered into time to pay arrangements with HM Revenue & Customs in respect of the previous VAT quarter however it was anticipated that these could not be maintained.
Subsequent to that meeting, the Company engaged the services of Begbies Traynor (Central) LLP to provide advice and assistance in relation to its current position. It was evident that it was unlikely that the company could trade out of its current difficulties and therefore discussions were held with the Company bank to discuss their support for a strategy to be put in place to dispose of the business. Discussions were also held with HM Revenue & Customs to try and obtain their support for a planned disposal of the business.
Administrators' statement of proposals (2011-10-26) · Companies House register