Strictly star Adam Thomas’ restaurant under investigation after failed business goes bust with £300k bills --[Reported by Umva mag]

SOAP star Adam Thomas’ restaurant is under investigation after it went belly-up owing £300,000. We told last month how his failed eatery, The Spinn, was in debt to the tax office for £100,000. RexSoap star Adam Thomas is under investigation after his restaurant went belly-up owing £300,000[/caption] The Spinn/ FacebookAdam’s restaurant The Spinn[/caption] And now accountants liquidating the failed Greater Manchester venture have revealed they are probing the circumstances surrounding the collapse. A report compiled by the number crunchers said that creditors will not see a penny from the ashes of the failed firm which closed in 2022 after three years of trading. Emmerdale and Waterloo Road favourite Adam – who rakes in around £ 200,000 a year from his telly work – set up the business with pal Scott Graham. He later resigned as a director but his dealings still form part of the probe by the liquidators. A report into trading firm Gatley Bar & Grill revealed this month: “We have corresponded with the director, ex director and creditors, carried out our initial SIP2 investigations and submitted our directors’ conduct report to the Department for Business and Trade within three months of our appointment. “We have also carried out work which is statutory in its nature and whilst this work might not bring any financial benefit to creditors, it is required on every case. “Some of the work Liquidators are required to undertake is to comply with legislation such as the Company Directors’ Disqualification Act 1986 (CDDA 1986) and Statement of Insolvency Practce 2 – Investigations by Office Holders in Administrations and Insolvent Liquidations and may not necessarily bring any financial benefit to creditors, unless these investigations reveal potential asset recoveries that the Liquidators can pursue for the benefit of creditors. “We have submitted a report on the conduct of the director and former director of the Company to the Department for Business and Trade under the ODDA 1986. As this is a confidential report, we are unable to disclose the contents “Shortly after appointment, we made an initial assessment of whether there could be any matters that might lead to recoveries for the estate and what further investigations may be appropriate. “This assessment took into account any information provided by creditors. Our investigations have not revealed any issues requiring further report or any further potential recoveries which could be pursued for the benefit of creditors.” Adam said at the time the business failed: “Unfortunately we have decided to close The Spinn. We did what we had to do with The Spinn and we learnt so much building our first venture and more importantly we had an absolute blast. “But after 3 years we felt the time was right for us to move on. We are now focusing on the next chapter of The Spinn … The Spinn off [bar] and Oh My Glaze [burger sauce company]” Soon after Adam and family proudly moved into a swanky new house. Adam penned an emotional message to fans, thanking them for their support during their journey buying a house. He said: “This year has been the craziest year of my life and am very aware of how lucky I am, and I know my lucks going to run out soon… but until it does, I’m going to enjoy every minute of it.” The soap star’s failed eatery The Spinn was in debt to the tax officeRex The Spinn/ FacebookAdam set up the business with pal Scott Graham[/caption]

Oct 7, 2024 - 16:24

Strictly star Adam Thomas’ restaurant under investigation after failed business goes bust with £300k bills --[Reported by Umva mag]

SOAP star Adam Thomas’ restaurant is under investigation after it went belly-up owing £300,000.

We told last month how his failed eatery, The Spinn, was in debt to the tax office for £100,000.

a man in a purple sweater sits in a chair

Soap star Adam Thomas is under investigation after his restaurant went belly-up owing £300,000[/caption]

a yellow building with tables outside and a sign that says the spi nn

Adam’s restaurant The Spinn[/caption]

And now accountants liquidating the failed Greater Manchester venture have revealed they are probing the circumstances surrounding the collapse.

A report compiled by the number crunchers said that creditors will not see a penny from the ashes of the failed firm which closed in 2022 after three years of trading.

Emmerdale and Waterloo Road favourite Adam – who rakes in around £ 200,000 a year from his telly work – set up the business with pal Scott Graham. He later resigned as a director but his dealings still form part of the probe by the liquidators.

A report into trading firm Gatley Bar & Grill revealed this month: “We have corresponded with the director, ex director and creditors, carried out our initial SIP2 investigations and submitted our directors’ conduct report to the Department for Business and Trade within three months of our appointment.

“We have also carried out work which is statutory in its nature and whilst this work might not bring any financial benefit to creditors, it is required on every case.

“Some of the work Liquidators are required to undertake is to comply with legislation such as the Company Directors’ Disqualification Act 1986 (CDDA 1986) and Statement of Insolvency Practce 2 – Investigations by Office Holders in Administrations and Insolvent Liquidations and may not necessarily bring any financial benefit to creditors, unless these investigations reveal potential asset recoveries that the Liquidators can pursue for the benefit of creditors.

“We have submitted a report on the conduct of the director and former director of the Company to the Department for Business and Trade under the ODDA 1986. As this is a confidential report, we are unable to disclose the contents

“Shortly after appointment, we made an initial assessment of whether there could be any matters that might lead to recoveries for the estate and what further investigations may be appropriate.

“This assessment took into account any information provided by creditors. Our investigations have not revealed any issues requiring further report or any further potential recoveries which could be pursued for the benefit of creditors.”

Adam said at the time the business failed: “Unfortunately we have decided to close The Spinn. We did what we had to do with The Spinn and we learnt so much building our first venture and more importantly we had an absolute blast.

“But after 3 years we felt the time was right for us to move on. We are now focusing on the next chapter of The Spinn … The Spinn off [bar] and Oh My Glaze [burger sauce company]”

Soon after Adam and family proudly moved into a swanky new house.

Adam penned an emotional message to fans, thanking them for their support during their journey buying a house.

He said: “This year has been the craziest year of my life and am very aware of how lucky I am, and I know my lucks going to run out soon… but until it does, I’m going to enjoy every minute of it.”

a man wearing a jacket with sharks on it — The soap star’s failed eatery The Spinn was in debt to the tax office

a brick wall with a neon sign that says t h b s p i n n

Adam set up the business with pal Scott Graham[/caption]

The following news has been carefully analyzed, curated, and compiled by Umva Mag from a diverse range of people, sources, and reputable platforms. Our editorial team strives to ensure the accuracy and reliability of the information we provide. By combining insights from multiple perspectives, we aim to offer a well-rounded and comprehensive understanding of the events and stories that shape our world. Umva Mag values transparency, accountability, and journalistic integrity, ensuring that each piece of content is delivered with the utmost professionalism.

Strictly star Adam Thomas’ restaurant under investigation after failed business goes bust with £300k bills --[Reported by Umva mag]

Tags:

Related Posts

Popular Posts

Live Footbal

Popular Tags