Trendy nightspot could face bankruptcy
The Cotton House is one of Manchester’s trendy nightspots but an accumulation of rent debt has forced its closure until £26,000 is repaid.
The hotspot first opened its doors in 2004 in the chic Ducie Street setting where it is hidden below the basement of the Place Hotel. Well known for attracting celebrities such as Graham Norton and Cat Deeley, this plush establishment is the place for those who like to climb the social ladder.
The directors of the property admitted that the club has finanical problems - to the sum of £26,000 and that legal reminders had been ignored. They failed to pay a recently demanded debt of £8,000 and a further debt of £18,000 which had accumulated as a build up of advance rent to September of this year.
The owners, Paul and Ann Whaton were away on holiday in Turkey at the time of the raid and were completely shocked by the action of bailiffs who quickly closed down the club, claimed it as their own and changed all of the locks to the building.
After plunging over £600,000 into making the nightclub trendy and sophisticated, they aim to resolve the finanical situation as soon as possible, so as they can continue trading and attracting celebrities in the heart of Manchester.
If you're having finanical difficulty, get IVA and bankruptcy advice as soon as possible.
IVA and Bankruptcy News posted on 19/11/2007 18:11:54
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