The business has been operating as the London franchisee of Ripley’s Believe it or Not! in London since 2007. It was located in the Trocadero on Piccadilly Circus and allowed guests to view exhibits which were odd, unusual or unexplained. The business had experienced lower than expected trading levels almost from the outset, and numerous attempts had been made to turnaround its performance.
“We were appointed on 29 September 2017 and it was immediately clear that the business could not continue to operate as a going concern,” said Henry Shinners. “The high costs associated with running a business of this nature, in Central London, coupled with an inability to generate sufficient visitor demand led to insurmountable cash flow difficulties and ultimately the failure of the business.”
“Regrettably, 16 redundancies have had to be made following our appointment as joint administrators. However, our appointment has enabled us to give those made redundant support in making claims to the National Insurance Fund. This will allow them to recover some of the entitlements that the company can no longer provide.”
“Although there was no prospect of rescuing this business we continue to seek to maximise its assets to achieve a successful return to creditors. Our primary goal will be to secure a positive outcome for creditors and we will be working tirelessly over the next few weeks to accomplish this,” finished Henry.
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. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. 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 writing.
Notes to editors
Smith & Williamson is a leading financial and professional services firm providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 11 offices: London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.