From the administrators' statement

“The Company was formed in 2008 to run a single restaurant in Bothwell from rented third party premises. By 2012 the Company had expanded to now having three outlets in Bothwell; a bespoke build new restaurant, a public house, and a café delicatessen in the original rented premises. In 2013 and 2015 the Company opened further restaurants in Kirkintilloch and Kilmarnock.

Throughout this period the Company remained a family managed business. All the new properties were rented from a Company under common control, Jacca Leisure Limited (Leisure). The Company's operating results formed part of the covenant for the then Royal Bank of Scotland (RBS) funding of the property acquisitions via Leisure.

From 2015, the Company was experiencing lower than expected results from the businesses outside of Bothwell. Kilmarnock in particular was performing very badly. Allied to this, the available financial management resources were further compromised due to three separate HURC investigations being undertaken over the period from November 2016 to June 2019, covering three years of Leisure VAT returns, six years of the Company corporation tax returns and a personal tax enquiry into the affairs of Peter Di Ciacca. Commencing in 2017 the Company started to experience cash flow problems. In response to these difficulties, the Company sought deferred payment plans with HMRC, and the director undertook various re-financing and reorganisation steps including:

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4664 Ltd (SC338329)

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