The Riverbank Kilmarnock Limited (SC382613): administration
- Status
- Administration ended
- Administration began
- 2011-11-23
- Administrators
- Derek A Jackson, Kenneth W Pattullo
- Administrators' firm
- Begbies Traynor
- Formerly
- Camandale A Limited
- Incorporated
- 2010-07-27
- Location
- Glasgow
- Industry
- 7487
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The Riverbank Kilmarnock Limited (“the company’) was incorporated on 27 July 2010 and acquired the business and assets known as “The Riverbank” bar and restaurant based at 46 Bank Street, Kilmamock, Ayrshire, KA1 1HA from the Administrators of Dark Star.
The purchase of the business and assets, including freehold property, was funded by Downing Corporate Finance Limited (‘Downing’). The funds were loaned to a connected company, Camandale Limited (“Camandale’), who subsequently lent the company the funds required to purchase the Riverbank.
In order to protect its funding position Downing was granted a standard security over the property at 46 Bank Street, Kilmamock and was also granted a bond and floating charge over the company’s assets. Downing was also granted a corporate guarantee by Camandale, The Monkey Bar Kilmamock Limited and the company in respect of the sums lent to Camandale.
Administrators' statement of proposals (2012-01-25) · Companies House register