Tue, 24 Mar 2020 | ADMINISTRATION
The Square Chapel Trust and its subsidiary Square Trading Ltd have appointed administrators from Mazars LLP following a funding shortfall.
The trust operates as an arts centre in Halifax, West Yorkshire, providing film, theatre, music and workshops, among other cultural offerings, also operating a café and bar.
Despite attracting around 100,000 visitors per year, the trust has been forced to appoint Patrick Lannagan and Conrad Pearson of Mazars as joint administrators, which Lannagan outlining the trust’s financial difficulties:
“The Trust has suffered a funding shortfall in the current financial year which has caused significant cash flow difficulties, leaving the Trust and its subsidiary with no option but to enter Administration.”
“Subsequent to the decision to enter Administration the facilities closed to the public from 17th March for the foreseeable future in response to the Government’s latest advice on COVID-19.”
According to the trust’s most recent financial report, from the year ending March 31 2019, it generated net income of over £347,000 from a total of 1,254 events and had total income of £1.6 million, including income from grants and donations and charitable activities.
Its net assets at the time amounted to just over £6.3 million, down from £10.1 million the year prior, and it employed an average of 63 employees on a monthly basis.
The trust operates from a grade-II listed 18th century chapel, acquired for just £25 in 1988 and opened as a £6.6 million arts centre in June 2017. The café and bar is situated in a new extension to the building.
Multiple award-winning business. Solid range of quality cask ales, bitters, beers, porters and stouts. Strong branding which has local meaning but would have national appeal. Portfolio of distinctive pubs in key locations. Profitable track record, ag...
Well established and reputable wedding service provider. Specialism in designing bespoke, innovative and creative wedding Mandaps and stages. Expertise in staging events in prominent, large-scale London venues. Upward trend in average transaction val...
Places candidates in temporary, freelance and permanent positions on behalf of both corporate events departments and events agencies.Constantly growing client base, presently circa 100 clients, around 95% of whom provide repeat business. Offers invit...
LEASEHOLD
|
10
|
|
Apr
|
Iconic retailer Debenhams falls into administration once again | ADMINISTRATION
The long-established British retailer Debenhams has appointe...
|
09
|
|
Apr
|
Long Eaton furniture manufacturer enters administration | ADMINISTRATION
Long Eaton-based furniture group JDP Furniture has entered a...
|
08
|
|
Apr
|
Insurance broker bought out of administration | BUSINESS SALE
Flintshire-based insurance broker Staveley Head has been acq...
Sign up to receive our acquisition alert emails to get your FREE guide
|
21
|
|
Feb
|
Street food catering firm seeks buyer after entering administration | ADMINISTRATION
Shrewsbury-based catering company MPM Catering has entered a...
|
14
|
|
Aug
|
Egg supplier enters administration | ADMINISTRATION
Egg producer Blackdown Hills Enterprises Limited has been pl...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources