Two non-trading venues of Vimac Group, the Newcastle-based multi-site operator that emerged as Kymel following a pre-pack administration last December, are set to be sold for a total of £545,000, according to a new report from Vimac’s administrator Begbies Traynor.
Under the pre-pack deal, Kymel paid £4.5m to AIB (Anglo Irish Bank), which was owed c£15m by Vimac, for the Crab and Lobster in Thirsk and Trenches in Whitby, plus the proceeds from the sale of two closed sites.
Of these two properties, Onyx in Middlesbrough was sold on 9 May for £270,000. An offer for the Loft in Kendal has been accepted for £275,000 and is expected to exchange this month (July). Christie + Co marketed the properties.
The report says that Kymel, which is headed by former Vimac director Paul Mackings, has agreed to pay all unsecured creditors in full, with the exception of intercompany loans and the directors’ loan account. It has paid Vimac’s outstand VAT bill and the report says it’s expected that the position around corporation tax will be finalised in the coming months.
Kymel also agreed that £36,000 held in the group bank facility would be paid to Begbies Traynor to cover pre and post appointment costs.
Vimac Group had operated in three areas: the late night market, largely through its Studio concept; restaurants, through the Crab and Lobster and Trenchers brands; and short-break accommodation through Crab Manor.
In 2011, Vimac decided to refocus on the restaurant and short break accommodation sectors and seek to exit the entertaining, dancing and drinking sector. In November last year Vimac closed its Studio-Loft nightclub in Kendal and placed it on the market.
At its most recently published results, for the year to 31 March 2012, the company reported a narrowing of pre-tax losses from £4.1m to £2.7m on turnover down 13.3% to £5.9m.
