PracticeAccounting FirmsLondon’s Criterion restaurant enters administration

London’s Criterion restaurant enters administration

UHY Hacker Young appointed as London’s historic Criterion Restaurant enters administration following rental hike

London’s Criterion restaurant enters administration

ADMINISTRATORS from UHY Hacker Young have been called in by the owners of the opulent Criterion on Piccadilly Circus after the historic restaurant entered administration following a steep rent rise.

Peter Kubik and Andrew Andronikou of UHY Hacker Young were appointed as joint administrators to the 141-year-old business after its owners Vox Restaurants Limited were unable to keep up with rent increases.

Following a recent rent assessment, the rent for the property increased by 60% from £525,000 to £850,000 a year.

“Due to a demand being made by the landlord for rent arrears created by the assessment in the sum of £517,000 the directors sought financial advice from Peter Kubik of UHY, London office,” UHY Hacker Young said.

“It was decided that administration was the most viable option as it allows the business to continue to trade as normal whilst the administrators market the business for sale.”

 

 

Related Articles

UHY Hacker Young prepares for Brexit with new international offices

Accounting Firms UHY Hacker Young prepares for Brexit with new international offices

2m Alia Shoaib, Reporter
UHY Hacker Young appoints new head of corporate tax

Accounting Firms UHY Hacker Young appoints new head of corporate tax

5m Alia Shoaib, Reporter
UHY Hacker Young appoints new partner to audit team

Accounting Firms UHY Hacker Young appoints new partner to audit team

9m Accountancy Age editorial
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
UHY Hacker Young appoints partner from EY

Accounting Firms UHY Hacker Young appoints partner from EY

11m Stephanie Wix, Writer
FRP Advisory sells Spectrum Contracting to Minstrell Recruitment

Accounting Firms FRP Advisory sells Spectrum Contracting to Minstrell Recruitment

12m Stephanie Wix, Writer
UHY Hacker Young appoints new partner to London office

Accounting Firms UHY Hacker Young appoints new partner to London office

1y Richard Crump, Writer