Administrators on the menu for Carlton & Cole
Mon, 02 Dec 2024 | ADMINISTRATION
Restaurant operator Carlton & Cole has appointed administrators.
According to its most recent annual results in the year to February 2023, the company operates four restaurants in London – temper Soho opened in 2016, temper City opened in 2017, temper Covent Garden in 2018 and temper Shoreditch in 2022.
They are steakhouse, taco and barbecue restaurants open to everyday diners, private hire and corporate lunches. They contain open kitchens where chefs cook the meat over a fire pit.
It was founded by Sam Lee de Lagonell and chef Neil Rankin in 2016, with Rankin leaving the group in 2019.
It is understood that the group appointed Andrew Andronikou and Brian Burke of Quantuma Advisory as administrators on November 22nd.
In those most recent results the company said that the business had continued to perform well post-Covid and had plans to expand its portfolio of sites.
However, it also highlighted risks regarding VAT, the cost of living crisis making customers more savvy and prudent when deciding whether or not to dine out, people working from home and therefore not in London during lunch hours or after work and high rates of employee pay.
Its turnover for the period rose to £8.73 million from £6.3 million the previous year but it dropped into the red with a loss before tax of £40,749 compared with a profit of just over £739,000 in the previous year.
It had net assets of £3.8 million, down from around £4.2 million the previous year. Creditors amounts falling due after more than one year came in at £1.64 million double the just over £736,000 in the previous year.
The average monthly number of employees was 176, up from 93 the previous year. Staff wages rose to £3 million from £2 million.
The hospitality sector in the UK has struggled over the last 12 months given cost rises, the pressure on consumers pockets and a continued hangover from the pandemic.
Find out more about the issues being faced by the UK restaurants sector
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