Coffee kiosk and cafe operator Puccino’s Ltd has gone into administration, following the sale of leases for 43 of its units to Puccino’s Worldwide. Its 29 remaining units ceased trading immediately.
Puccino’s, which previously had 86 coffee kiosks and cafés, entered into an agreement with Puccino’s Worldwide on 8 December 2009, said administrator Tenon Recovery.
Under the agreement it sold “parts of the business and certain assets” to Puccino’s Worldwide, which included the leases for 43 units, which are mainly located at train stations in the south-east.
“Over the months prior to this, Puccino’s had already closed 14 of its units,” added Tenon.
Kenny Craig & Tom MacLennan of Tenon Recovery were appointed as joint administrators of Puccino’s Ltd on 10 December 2009.
In its financial statement for the year ended 31 December 2008, the company experienced a loss before tax of £1,657,251 compared to a loss of £793,762 in 2007. Turnover stood at £4,086,926 compared to £4,072,028 in 2007.