Andrew Pear and Richard Keley of Beavis Morgan partner firm BM Advisory LLP, Joint Administrators of Eastbourne-based Bright Ideas Studio Limited which traded as Seasons Restaurant and Coffee Lounge at The Waterfront at Sovereign Harbour, Eastbourne, have successfully concluded a sale of the Company’s business and assets to 4 Seasons (Eastbourne) Limited.
Bright Ideas Studio Limited (“the Company”) commenced trading in 2000, originally occupying one retail unit at the prestigious Sovereign Harbour marina development and expanding into three further neighbouring units in 2007. From 2013 it has operated a very popular café and bistro business, Seasons, from the premises. The Company employed up to 35 local people in the busy summer months.
Due to financial pressures generally, the costs of one of the units which was not utilised by the business more recently combined with the ill health of one of the Company’s directors, the Company sought insolvency advice from BM Advisory, the specialist restructuring, recovery and insolvency firm. Following a four week independent marketing exercise a number offers were received for the business and Andrew Pear and Richard Keley of BM Advisory were appointed Joint Administrators of the Company on 29 September 2017. Immediately following their appointment, they completed a sale of the business and assets of the Company to 4 Seasons (Eastbourne) Limited.
Andrew Pear comments: “We are delighted to have concluded a successful sale of the business and assets to 4 Seasons (Eastbourne) Limited. The sale preserves the jobs of all of the 29 current employees and ensures continuity of service for the Company’s loyal customer base at Sovereign Harbour”.
As a result of the sale, it remains business as usual for the Seasons Restaurant and Coffee Lounge, with few plans to make any significant changes to what is already a popular venue overlooking the water in Eastbourne’s Sovereign Harbour.
The team at BM Advisory offers extensive experience in providing restructuring and refinancing advice across a range of industry sectors.
If you consider you or a client could benefit from a meeting with them to explore the options available, please contact a member of the BM Advisory team or your usual Beavis Morgan Partner.
For more information about BM Advisory visit http://www.bm-advisory.com/