Following our exclusive news story this afternoon, we have now been sent an official statement confirming the news. As follows:
LEONARD CURTIS BUSINESS RESCUE & RECOVERY LIMITED APPOINTED ADMINISTRATORS OF WALTZERS LIMITED, M&D (LEISURE) LIMITED AND M&D (INNS) LIMITED
Michelle Elliot and Stuart Robb – of Leonard Curtis Business Rescue & Recovery – were appointed Joint Administrators of Waltzers Limited, M&D (Leisure) Limited and M&D (Inns) Limited (“the Group”) on 23 April 2020.
Established in 1996, the Group operates The M&Ds Theme Park and Alona Hotel, located at Strathclyde Country Park, near Glasgow.
The Group has faced a number of challenges over the past few years, coupled with a general decline in the leisure and hospitality market, which resulted in a significant reduction in footfall and profitability within the business.
Due to these challenges, the Group had been assessing their options, including a sale of the business and assets. Following a marketing exercise earlier this year, the Group were in advanced discussions to agree a sale of the business prior to the Covid-19 pandemic
In accordance with the guidance issued by the Government in light of the Covid-19 pandemic, the Group’s operations were closed in mid-March and thereafter mothballed, with the majority of employees furloughed. The Group was not eligible for any Government backed loans provided under the Coronavirus Business Interruption Loan Scheme (CIBLS) due to its previous poor trading performance prior to the Covid-19 outbreak.
After reviewing the Group’s options, and in view of the lack of trading income and access to additional external funding, the Director has taken the extremely difficult decision to appoint Administrators to the Group.
The Group, which employs 170 staff, has now formally ceased trading and unfortunately 165 employees have been made redundant with immediate effect.
A sale of certain of the Group’s assets was concluded shortly after the Joint Administrators’ appointment.
Joint Administrator, Michelle Elliot commented: “Despite exhaustive actions by the Group’s director to increase sales and footfall, reduce costs and attract new investment, the business has struggled over recent times, resulting in significant cash flow pressure.
“Unfortunately, due to the current unprecedented circumstances, and despite being in advanced discussions with an interested party, a ‘going concern’ sale of the business was not possible.
“We will be working closely with Skills Development Scotland via their Partnership Action for Continuing Employment(PACE) team to support all affected employees during this difficult time.”
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Leonard Curtis Business Rescue & Recovery is part of Leonard Curtis Business Solutions Group.
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