ICSM Hospitality Business News: concerns mount as The Restaurant Group’s share price plummets plus a list of business failures in the hospitality sector
By Harry Mottram: it is hard to find any good news for the UK’s hospitality sector with various predictions suggesting a shrinkage in the industry as interest rates bite, energy price rise hikes, inflation remains in double digits, and above all customers staying away due to the Cost of Living Crisis.
Further concerns have been raised after it emerged that the Restaurant Group appear to be in trouble with plans to close dozens of outlets and a near collapse in their share price.
Ian Carrotte of ICSM – the group dedicated to flagging up non and late paying firms and potential company collapses to its members – said there were multiple reports in the trade press showing a fall in consumer spending in the sector. He said ICSM had seen the report in UK Hospitality predicted a third of companies involved in hospitality were in danger of going bust, and The Caterer reporting that consumer spending would fall by two percent this year.
The latest concerns highlighted by Emily Hawkins in the Daily Mail featured the Restaurant Group’s plans to close multiple restaurants and concerns about the performance of its CEO Andy Hornby. He was singled out in her article as something of a liability due to his track record at the HSBO bank which came close to collapse during the Credit Crunch of 2008.
The Restaurant Group operates more than 400 pubs and restaurants as well as concessions in airport with brands such as Frankie and Benny’s, Garfunkel’s and Wagamama (pictured) in their portfolio. Hit by the pandemic with closures during the lockdowns the group’s share price has fallen 70% in two years according to media reports and has fallen further this year after plans to shut more outlets emerged.
Last summer, The Sea Hotel in South Shields went into administration when its owners The One Collection Leisure Ltd who were part of the High Street Group of companies collapsed owing £211 million pounds. At Christmas the Bliss Hotel owned by Waterfront Southport Properties Ltd in Southport hit the buffers after owing £18 million pounds to creditors. And also last summer in Liverpool the Signature Living Group collapsed with its three hotels in the city entering administration.
Below is a list of recent failures in the hospitality sector:
HOSPITALITY: BRASSERIES, BISTROS, CAFES, HOTELS, PUBS, RESTAURANTS
ADMINISTRATORS APPOINTED
AIR RESTAURANTS LIMITED 10002032
BOUJEE RESTAURANT AND BAR LIMITED 12905642
DANESFIELD HOUSE HOTEL LIMITED 02999930
ADMINISTRATION CREDITORS MEETING
CASPIAN RESTAURANTS LIMITED 04646547
COMPULSORY LIQUIDATOR APPOINTED
CARMARTHEN BAY HOTEL LIMITED 10191397
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AIR RESTAURANTS LIMITED 10002032
AL QUINTON BAR & GRILL LIMITED 13308231
APEX HOSPITALITY LTD 07164401
ASP BARS LTD 11679430
AVALON RESTAURANTS LTD 12168369
BHB RESOURCES LTD 12699657
C & K BARS AND RESTAURANTS LTD 12279679
EAST SUSSEX DINING ROOM LIMITED 11863626
ELITE VENUES LTD 11726238
OLD SAINTS PUBS LIMITED 09906190
QUEEN ANNE'S GUEST HOUSE (YORK) LIMITED 07601770
RESERVOIR HOTEL KEIGHLEY LTD 11026267
THE BOBBIN MILNROW LTD 10844903
THE ROCKET CLUB RESTAURANT LIMITED 04349688
WHITSTABLE TRADING COMPANY LTD 07714455
LIQUIDATORS APPOINTED
A1 BUFFET LTD 11979650
ASPEN ENTERTAINMENT LTD 13141575
AZENOR (CORNWALL) LIMITED 10764154
BIR HOTELS PRIVATE ( UK) LIMITED 10737765
BOK RESTAURANTS (EASTBOURNE) LTD 11872216
BOK RESTAURANTS (SOUTHAMPTON) LTD 13374142
CAFE BRERA LIMITED 02614853
COCOJOJO LTD 07521422
DOLORES HOSPITALITY BEVERLEY LIMITED 12096382
DOLORES HOSPITALITY HULL LIMITED 12288968
DOLORES HOSPITALITY LIMITED 11000083
FRANCISCO LONDON LTD 08248449
GLOBAL COFFEE SHOPS LIMITED 04422232
GORDON ARMS (CHISLEHURST) LTD 10782115
HERITAGE PUBS LTD 11304293
INDIAN LUNCH HOUSE LIMITED 08354067
KINDER RESTAURANTS LIMITED 10299948
MAMMA’S ITALIAN BISTRO LTD 11723361
MANIC BARS LTD 13408974
MOUNTS BAY INN MULLION LTD 12749118
NOVO COFFEE HOUSE LTD 11097232
RESERVOIR HOTEL KEIGHLEY LTD 11026267
ROSE & CROWN CARK LIMITED 13536932
SAPIYA THAIKITCHEN LIMITED 11059713
SUTALIA LTD 09664745
THE COPPER KETTLE LIMITED 04281602
THE-HART LOUNGE LTD 11311897
THE HONEYPOT TEAROOMS LIMITED 11177073
UK CREATIVE FOOD AND HOSPITALITY LTD 10610579
MEMBERS VOLUNTARY LIQUIDATIONS
A HOTELS MANAGEMENT LTD 11344290
JJ`S @ THE SILVER PLOUGH LTD 10860241
ROSEMOUNT HOTEL LIMITED 06418222
SUPRANATIONAL HOTELS LIMITED 01811106
PETITIONS TO WIND UP
ADVENTURES IN HOSPITALITY LTD 11243404
MAYFLOWER MANCHESTER TOWER LIMITED 10846419
WINDING UP ORDERS
CAVIAR AND CHIPS LTD 10690010
CLUB HOSPITALITY'S LIMITED 08300903
FESTIVAL HOTELS (HALIFAX) LIMITED 12605427
++++++++++++++++++++++++++++++++
ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk