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2018, a year after the accounting period, the company went to the High Court to have winding up orders against it rescinded.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

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking