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Thu 7th Feb 2019 - Faucet sold in pre-pack agreement to Steve Cox
Faucet Inn sold in pre-pack agreement to Steve Cox: Faucet Inn has been sold in a pre-pack agreement, Propel has learned. Geoff Rowley and Jason Baker, partners at FRP Advisory, were appointed administrators of the company, which was founded by Steve Cox. The business and assets were sold to Golden Brick Pubs and Freshwater Pub Co, which both list Cox as its sole director. FRP Advisory stated: “At the time of administration, Faucet Inn operated two sites in London – Neighbourhood in Stratford and The Northumberland Arms in Tottenham Court Road. Both sites continue to trade as normal. The company had previously operated other leasehold sites, which had become unprofitable and were subsequently closed. These losses, together with contingent liabilities crystallising from the closed sites, meant continued trading was untenable and the directors sought professional advice, resulting in the appointment of administrators. The business and assets were sold on appointment, with the two sites continuing to trade. All employees’ jobs were secured and arrangements reached with key suppliers for continued trading.” The appointment came five months after Faucet Inn took the decision to put its Scandinavian-inspired restaurant and cafe concept Kupp into administration, with Rowley and Baker also appointed joint administrators. Kupp suffered cash flow issues, with investors of its parent company refusing to inject money directly into the business. A statement of administrators proposal showed the company owed almost £5m in loans and had seen losses increase with the concept proving to be “not as popular as first envisaged”. The July 2018 balance sheet showed an intercompany loan of £4.1m due to Faucet Inn and another £750,000 due to another related company, Kicking Horse Holdings. For the year ending 30 July 2016, the company had turnover of £1,272,860 with a net loss of £455,107. With the company having made a loss of £328,038 on turnover of £460,594, it meant the company was carrying forward a loss of £783,145. The company was incorporated on 13 March 2013, with Cox its majority shareholder. It operated from two leasehold properties in Paddington and Oxford while two further sites – in Exeter and Southampton – were shut in July and August 2018 respectively. Cox bought the leasehold assignment of the Oxford and Paddington sites for £90,000 following an initial offer of £75,000. It was the only offer made for the business.

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