It appears that Miresh Property Company Limited, which owns the Whitegates’ franchises in Leicester, Sileby, Syston (which was Taylors/Whitegates) and Broughton Astley, has gone into liquidation.
The appointment of a voluntary liquidator was published on 19th September by Companies House.
It appears that the total financial deficiency in the company amounts to £886,085.24
Within this figure Trade and Expense Creditors amount to £13,434.17; Employee claims amount to just £1.
The Directors’ Loan account shows £290,253.42.
HMRC is owed ££231,698.03.
Associated company loans total £359,061.58.
It is not yet known how many clients and transactions are affected.
The company has one registered director, Mitul Shashikant Gadhia, who acquired the franchises in 2017.
Franchisee, 27, acquires five-branch independent and takes on 35 new staff
Comments (11)
It does seem that the franchisees takes all the hit. Ewemove being a prime example where many franchisees have quietly disappeared off the map saddled with huge life changing debts and some with personal bankruptices
Some franchisees still trading carrying a worrying amount of debt from year to year .Certainly the last few months have been a lifeline for some where many of the franchisees have enjoyed a big pickup
Play another record.
Must owe a fortune from all the fines for parking his battered old Range Rover actually on the pavement outside the Sileby office so no one can walk by…
How can Whitegates continue to trade with this individual? Despicable………..
Not even the half of it! Terrible culture, management and leadership. This really isn’t a surprise.
This is not surprising at all. Was a matter of time! Terrible place.
HMRC owed nearly a quarter of a million? How does this happen? If I miss a PAYE or VAT payment date HMRC are all over me like a rash. Yet whenever we see stories like this they are always owed hundreds and hundreds of thousands which in most cases must have accumulated over extended periods of time. What’s the secret to using HMRC as a free funding source for a failing business?
I guess HMRC will want to know where the £1.1m of fixed assets in the last filed accounts up to 31st March 2018 has disappeared to ?
I bet TPFG have got their MSF out of him. Also, i do not think TPFG have any area managers anymore and this shows how you lose control of your franchisees without constant oversight.
Always sad to see a business go under though, i hope the staff find alternative positions or TPFG take over running the business until they get a Buyer.
An area manager was appointed yesterday.
I’m sure something like this this happened in April but that may have been a different brand. Martins not Whitegates.
That’s a lot of debt built up in a very short time. Being in business can be tough but this looks to be more than just bad management.