BusinessCompany NewsBeanscene forced into administration

Beanscene forced into administration

KPMG has been appointed administrator of the Glasgow-based coffeeshop chain Beanscene

Glasgow-based coffeeshop chain
Beanscene has gone into administration
and administrator KPMG is looking for a buyer for the business.

KPMG Restructuring said the company was in difficulty because it built an
overhead base which its 14 units could not sustain.

Through restructuring, the company changed ownership in April and a major
injection of money was made but the new backers were unable to make further
planned cash injections because of an unexpected change in circumstances,
The Herald reports.

KPMG said the directors were left with no other option than to place the
company in administration. All 14 units will continue to trade under the control
of the administrators while a buyer is sought for the business.

Further reading:

Read
The Herald story

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