News

Chic Lifestyle Limited enters administration

  • Written By: Ben Mitchell
  • Published: Thu, 26 Jul 2018 09:38 GMT

A boutique hotel platform Company based in London has entered administration after experiencing funding issues and its business and assets are now up for sale.

Chic Lifestyle Promo

Chic Lifestyle Limited entered administration on 26 July 2018, with Andrew Stephen McGill & Adam Henry Stephens of Smith & Williamson appointed joint administrators.

The Company has developed and operates an online marketplace for small independent boutique hotels under its own brand and provided a bespoke technology and digital marketing platform. The platform offers a unique collection of curated independent boutique hotels to the discerning traveller, which represents a fast growing segment of the online travel market. The Company charged a SaaS fee to small independent boutique hotels to join the platform helping them to market and manage their room availability and rates to maximise their levels of occupancy and revenue per room. The Company also charged a commission for all bookings through the platform.

The Company’s services are provided via a fully operational branded website.

The business had a headcount of 23 at its peak and all staff have now been made redundant following to the administrators’ appointment.

Andy McGill said: "The next round of funding could not be completed and so the Company needed to explore alternative options which culminated in the Directors taking steps to place the Company into administration. We have engaged a small team to maintain the platform and allow the business to continue operating whilst we seek interested parties to acquire the business & assets of the Company.

"We have already identified a list of potential interested parties in the sector and we are directly approaching possible buyers, advertising on a business sale platform plus using word-of-mouth marketing through our contacts in the technology sector."

Companies interested in purchasing the Company’s assets are encouraged to contact Smith & Williamson for further information.

DISCLAIMER
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of publication.

The tax treatment depends on the individual circumstances of each client and may be subject to change in future.

Notes to editors
Smith & Williamson is an independently owned professional and financial services group with over 1,700 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group has twelve offices; these are in London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.

Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International

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