Alvin Leung's Bo London owed nearly £500k to creditors

"Demon chef" Alvin Leung's ill-fated UK venture, Bo London, owed nearly £500,000 to unsecured creditors when it went into administration earlier this year.

That's according to a six-month progress report filed at Companies House by administrators from ReSolve Partners.

The business, in Mill Street, closed its doors unexpectedly in March this year. At the time, Leung blamed the move on a "major water leak" and promised to re-open at an unspecified date once repair works were completed. The Michelin-starred restaurant subsequently called in administrators.

In its report, ReSolve Partners indicated that there had been no statement of affairs provided by Bo London's director, so the administrators had estimated that it owed a total liability of £485,952 to unsecured creditors.

To date, the administrators have received claims from 36 creditors totalling £1,520,663. That total includes a £930,000 claim from On Ever Limited, an associated company by way of common directorships. The claim related to the initial investment in the company to acquire the leasehold of the site and to meet initial fit-out costs.

The only stock of any real value that was left at the site when it closed was the wine, which the administrators sold for £1,000.

Meanwhile Alvin Leung himself made an offer of £2,700 to acquire the restaurant's furniture, fixtures and fittings, which was accepted.

At the time the report was written, a buyer had been close to acquiring the leasehold of the site but is since thought to have pulled out of the deal. No new buyer has yet been confirmed.

Alvin Leung blames ‘serious water leak' for Bo London closure >>

Alvin Leung's Michelin-starred restaurant Bo London closes >>