Inn Places, the travel accommodation website, has been placed into liquidation and the business sold to a new investor with the help of Liquidator Jamie Playford to preserve jobs and will also enable customers’ gift vouchers to be honoured.
Formed by David Hancock in 2012, the company boasted both a catalogue and a website (www.inn-places.co.uk) showcasing high-quality pubs and inns across the UK that offered accommodation to customers.
Commenting on the failure, liquidator Jamie Playford of Leading Corporate Recovery said:
“Significant shareholder funds were invested in building and developing the website, however the business plan failed to identify how this would be properly monetised. There was some advertising revenue, but the business lacked a large customer database and so was limited in its income generation.”
“Shareholders failed to support the further financing of the business and also were reluctant to dilute their shareholding in order for a new investor to be introduced. This led to an immediate cash flow issue and the directors decided to seek a sale of the business and assets and instruct my firm to assist with the liquidation.”
“With our team working over the Christmas holiday period, completing the sale has preserved all employees roles being transferred to the purchaser and all gift vouchers issued by the company will be honoured.”
Mr Playford was appointed Liquidator of the company on 29 December 2017 by its 18 shareholders and its creditors. Leading Corporate Recovery confirmed that a dividend to creditors was projected to be paid and that any questions regarding the liquidation should be directed to Chloe Phillips in the Norwich office:
chloe.phillips@leading.uk.com T: 01603 552028
Notes to editors:
Leading Corporate Recovery is East Anglia’s fastest-growing insolvency and business recovery practice, providing insolvency, restructuring and strategic advice to businesses and individuals nationwide, from offices in East Anglia, the Midlands and London.
