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.
Find out more about buying distressed assets
Offering for sale this Japanese restaurant with alcohol license till late. The current owners have invested heavily in new equipment, fixtures and fittings. The ground floor & basement premises are significant in size and the new owner may consider d...
LEASEHOLD
Impressive single fronted premises all newly fitted approximately few years ago. Open plan kitchen area with stainless steel extractor system, stainless steel cladding to walls.
LEASEHOLD
The business started in 2019 and extended in 2021 as the shop next door became available and the demand was high. Offering Italian cuisine great wines and friendly service in a cosy location offering pasta pizza meat and fish dishes.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.