The company was incorporated in July 1999 and originally named Metis (UK) Limited. The company provided a number of services and treatments including massage therapy, nutritional consultation and orthopaedic consultations.
The company initially acquired and traded from a premises based in Croydon and in 2003, following encouraging trading results, the company opened its second operation in leasehold premises in the rear of the Theatre Royal, Drury Lane, Covent Garden.
After a period of poor results in May 2011 the directors of the company contacted Portland to assess the company’s financial position. Following a meeting with Portland the directors concluded that there was insufficient merit in investing further personal funds into the company.
The company entered administration in June 2011 and the administration was concluded a year later. There was no return to the unsecured creditors due to the level of assets only being sufficient to cover the costs of the administration process and to settle the preferential claims against the company. The company was then dissolved.
In July 2014 Portland were made aware of a potential refund due to the company following a review carried out by the bank into the sale of an interest rate hedging product to the company. The outcome of the review was an offer of redress to the company in the sum of £40k. The director and secured creditor, Mr Truss, decided to instruct solicitors to take steps to restore the company so that the refund could be made. As part of the application to court the director provided an undertaking that steps would immediately be taken to place the company into a Creditors Voluntary Liquidation.
The company was restored on 8th January 2016 and Portland were subsequently instructed to assist in taking steps to place the company into voluntary liquidation. A meeting of creditors was convened for 13th April 2016 and notices of this meeting were sent to creditors of the company on 22nd March 2016.
At the meetings of members and creditors the company was placed in to liquidation and Mike Fortune and Carl Faulds of Portland Business & Financial Solutions were appointed joint liquidators.
Creditors are able to access the first report here