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Adam Thomas has walked away from a £100,000 tax bill following the collapse of his restaurant The Spinn.
The eatery in Gatley, Manchester went bust in 2022 after three-years of trading and racking up debts of nearly £300K, with a third owed to the tax office.
And now in a recent update it has been revealed by the accountants liquidating the restaurant that the firm has been dissolved and nothing has been paid to creditors.
And now in a final report published on Tuesday it read: ‘No dividend has been paid to any class of creditor in the liquidation. Due to low levels of realisations, none was anticipated at the outset.’
Adam opened the eatery with friend Scott Graham in 2019, followed by a bar and burger sauce company.
But the business suffered a setback due to the Covid lockdowns and announced the closure of the restaurant, which employed a team of 12 in 2022.
Adam Thomas has walked away from a £100,000 tax bill following the collapse of his restaurant The Spinn (Adam pictured in February)
The eatery in Gatley, Manchester went bust in 2022 after three-years of trading and racking up debts of nearly £300K, with a third owed to the tax office
Daily Mail have contacted Adam’s representatives for comment.
It was reported last October that the business was under investigation, with Adam part of the investigation despite resigning as a director in 2021.
In October 2024 a report into Adam’s trading firm Gatley Bar & Grill revealed: ‘We have corresponded with the director, ex director and creditors, carried out our initial SIP2 investigations and submitted our directors’ conduct report to the Department for Business and Trade within three months of our appointment.
‘We have also carried out work which is statutory in its nature and whilst this work might not bring any financial benefit to creditors, it is required on every case.
‘Some of the work Liquidators are required to undertake is to comply with legislation such as the Company Directors’ Disqualification Act 1986 (CDDA 1986) and Statement of Insolvency Practce 2 – Investigations by Office Holders in Administrations and Insolvent Liquidations and may not necessarily bring any financial benefit to creditors, unless these investigations reveal potential asset recoveries that the Liquidators can pursue for the benefit of creditors.
‘We have submitted a report on the conduct of the director and former director of the Company to the Department for Business and Trade under the ODDA 1986. As this is a confidential report, we are unable to disclose the contents
‘Shortly after appointment, we made an initial assessment of whether there could be any matters that might lead to recoveries for the estate and what further investigations may be appropriate.
‘We have submitted a report on the conduct of the director and former director of the Company to the Department for Business and Trade under the ODDA 1986. As this is a confidential report, we are unable to disclose the contents.’
It was reported last October that the business was under investigation, with Adam part of the investigation despite resigning as a director in 2021 (pictured in Waterloo Road)
The business firm Gatley Bar and Grill Ltd was formally put into administration in July 2023, with debts of £293,996, including £71,423 owed to the tax man, The Sun reported at the time.
Announcing the close he said: ‘Unfortunately we have decided to close The Spinn. We did what we had to do with The Spinn and we learnt so much building our first venture and more importantly we had an absolute blast.
‘But after 3 years we felt the time was right for us to move on. We are now focusing on the next chapter of The Spinn … The Spinn off [bar] and Oh My Glaze [burger sauce company].
He added: ‘Thanks again to everyone who has supported us along the way and continues to support us and to all our staff who we will continue to take on this journey with us.’
