Wed, 04 Dec 2024 | ADMINISTRATION
Scottish hospitality and catering company Hickory has gone into administration potentially putting over 100 jobs at risk.
Edinburgh-based Hickory, which was established in 2012, ‘delivers bold and exciting food and drink’ at events such as weddings, private and corporate functions. It also caters for festivals including the Royal Highland Show, Borders Book Festival and the Scottish Open.
The company, according to its website was led by chief executive Susan Ireland and executive director Brian Galbraith.
According to filings at Companies House the company went into administration on November 20th. It has appointed Opus Restructuring & Insolvency with Mark Harper and Charles Turner of the company now exploring the options for Hickory and its creditors.
It is understood that the company, which according to its last accounts filed to Companies House, had an average employee count during 2023 of 142 employees, has struggled to recover from the lockdowns in the UK during the Covid pandemic.
This led to a period of poor trading and margins with working capital also coming under pressure. This was down to the increase in inflation, interest rates and the cost of living crisis.
Turnover last year came to £5.6 million but faced with a string of cashflow challenges the decision was taken to appoint administrators.
According to its last accounts Hickory had creditors amounts falling due within one year of £2.5 million, up from £1 million the previous year. Trade creditors amounted to £1.1 million, up from £560,000.
Harper said: “We are working closely with the directors and a number of stakeholders to ensure continuity of the forthcoming events.” This includes weddings, charity balls and staff parties.
Hospitality businesses have indeed faced a torrid time over the last few years as a result of the pandemic, remote working, and the Ukraine war leading to supply chain constraints and higher costs.
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