The UK arm of Spearmint Rhino, the troubled gentleman’s club, has just racked up another year of losses report the Telegraph City diary.
True, things weren’t as bad in 2009, a loss of £190,000, compared to the year before, down £1.6m, but the business remains as precariously balanced as one of its dancing girls at the top of a pole.
The company continues to labour under a going concern warning from its auditors and still hasn’t settled a £3.3m tax liability with HM Revenue and Customs. It has at least agreed a “time to pay” agreement.
The Spearmint Rhino companies only survive through inter-company loans. The accounts state that Spearmint Rhino owes three subsidiaries £2.9m and is owed £4.6m from others.
“The continued support of these three subsidiaries is crucial to the parent company’s ability to continue to provide cash flow assistance to its other subsidiaries.”
The Daily Telegraph