Following a recent creditors’ meeting, Sheffield cake retailer Fancie Limited has been placed in the hands of joint liquidators Adrian Graham and Julian Pitts of Begbies Traynor.
Founded in 2007 by former chef Amanda Perry, the company opened its first shop in Sharrowvale Road in 2009 and had grown to encompass four shops and a bakery spread across the city.
Fancie Limited’s debts include £136,000 owed to trade creditors; £14,000 of bank debt; and £35,000 owed to HM Revenue & Customs.
Amanda Perry has set up a new company, FC Limited, which is currently occupying Fancie Limited’s former premises on Ecclesall Road; Sharrowvale Road; and The Winter Gardens. Fancie Limited’s shop in Meadowhall closed in May. There were no staff employed by the company at the time of its liquidation.
“It is very unfortunate that such a popular local business has had to go into liquidation,” comments joint liquidator Adrian Graham of Begbies Traynor in Sheffield. “It seems that the Meadowhall unit was a drain on the company’s finances and its debts include a five figure rates demand for the outlet there. Fancie Limited also suffered from increased competition leading to cash flow problems.
“We are currently investigating the company’s financial situation, including the details of its property leases and its assets. The position for creditors is uncertain until all assets have been realised and they will be informed of the outcome in due course.”
Amanda Perry commented, “It is very sad that after all our hard work we have been unable to continue trading Fancie Limited despite closing the Meadowhall outlet over a month ago. We would like to thank our loyal customers for their support over the last four years.”
Following graduation from the University of Hull, Julian qualified as a Chartered Accountant with Coopers & Lybrand in Leeds. After a short time with Baker Tilly, in 1989, together with David Wilson, he established Wilson Pitts, a specialist independent practice dealing with all aspects of insolvency and corporate recovery work. In 2006, the Wilson Pitts practice was acquired by Begbies Traynor where Julian is now the Joint Regional Managing Partner for the North-East region.