Interpath Advisory appointed liquidators of bar operator Macmerry
Blair Nimmo and Geoff Jacobs from Interpath Advisory have been appointed as joint liquidators of Scottish bar operator Macmerry300 Ltd.
The administrators were appointed yesterday.
The company, which was incorporated in April 2014, operated 11 bars located in Dundee and Glasgow. The Company has ceased trading.
Due to the detrimental impact of COVID-19 restrictions upon trading performance, cost pressures and recent reports alleging mistreatment of staff, the company incurred losses, which resulted in substantial liabilities being accrued.
With significant financial pressure being faced by the company, in early June 2022 the director resolved that the company was insolvent and should be wound up voluntarily. The company instructed Blair Nimmo and Geoff Jacobs to convene the necessary meeting of members and to assist with the creditors’ decision to place the Company into Liquidation.
It is understood that a transfer of certain assets took place in May 2022; accordingly, with no available funding and certain of the company’s assets having been sold, regrettably, the Joint Liquidators had no option but to make all of the company’s 63 staff redundant upon appointment.
Blair Nimmo, chief executive of Interpath Advisory and joint liquidator, said: “This is unfortunately a further example of a business within the hospitality and leisure sector being unable to withstand ongoing testing trading conditions, as the re-emergence from COVID-related restrictions continue against a backdrop of accumulated debt.”
Geoff Jacobs, managing director of Interpath Advisory and Joint Liquidator, added: “ Our immediate priority will be to assist employees with their claims to the Redundancy Payments Office, as well as safeguarding any remaining Company assets and ascertaining from the director the circumstances under which the recent transfer of assets occurred and carrying out appropriate investigations.”