The business behind the Midlands-based Meatcure group of restaurants owed £304,000 to creditors at the point it went into liquidation, documents have revealed.
Meatcure closed four of its five restaurants earlier this year in Hinckley, Leicester, Leamington Spa and Bedford, acknowledging customers' complaints of "mediocracy".
BRI Business Recovery and Insolvency was appointed to undertake the voluntary liquidation of the rest of the group at the end of November this year.
A statement of affairs showed that creditors were owed just over £304,000 by Meatcure Restaurants Ltd, trading as Meatcure, as of 29 November this year.
Among the creditors, Barclays Bank was owed £21,000, HMRC was due just under £164,000 in VAT and PAYE, and Joseph Morris Butchers was owed nearly £15,600.
The estimated total assets available for preferential creditors was just £12,000 according to the statement of affairs.
In June last year, Meatcure sought to raise £350,000 through crowdfunding on the Seedrs platform in order to open five more restaurants, although the bid was not ultimately successful.
A statement from Meatcure on Facebook thanked its customers for their support,. Regarding the continuation of business at its Market Harborough restaurant it said: "Meatcure remains but we've parted with the old business and gone back to doing things our way, the way you want them. We're not flash, we don't cut corners but we do listen and we'll make your Meatcure epic again. We love what we do and we're glad you guys do too!
"The year has been hell and has broken us both, tested our family and friends and burdened our teams. But like you all they've stood by us and remained loyal. Therefore we thank them and all of you that have stuck with us, came back to us or simply found us in the past few weeks from the bottom of our hearts.
"Be unrealistic about your dreams and never be scared to fail! Don't compromise or negotiate in what you believe neither judge someone else's beliefs. Rather encourage, support, guide and, if needs must, lead!"
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