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Auditor raises question over Marlon Abela accounts

29 July 2019 by
Auditor raises question over Marlon Abela accounts

The auditor of Marlon Abela Restaurant Corporation has said it "could not reconcile its bank statements" with cash in the group's most recent financial results.

In documents filed with Companies House for the year ended 31 December 2017 for MARC, auditor Haysmacintyre said it had "not been able to obtain sufficient appropriate audit evidence" to provide an audit opinion, however it had "not identified material misstatements".

The group, which owns two-Michelin-starred London restaurants the Greenhouse and Umu, and Michelin-starred the Square, has reported narrowing pre-tax losses of £5.76m compared to £9.21m the previous year, as well as a slight dip in turnover, which dropped from £13.33m the previous year to £12.07m. Accounts show Abela is owed £47.47m by the company.

In the documents, directors said they are "satisfied that sufficient funds will be made available to enable the company and the group to continue trading" and have "a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future".

In December 2018, a year after the accounting period, the company went to the High Court to have winding up orders against it rescinded.

A spokesperson for MARC said: "The reason the auditors could not obtain the information they needed was due to the failure on the part of the relevant financial institutions, including NatWest Bank, to provide the necessary information.

"In spite of it being a very difficult market, MARC (e.g. Umu and MARC Bakery & Patisserie) has seen a strong upturn in sales and contracts won."

Alex Dilling appointed executive chef of the Greenhouse >>

Philip Howard leaves the Square as restaurant is sold to Marlon Abela >>

Interview: Marlon Abela, founder of MARC restaurant group >>

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