Brasted’s Limited and its sister company Brasted’s Twenty20 Limited went into liquidation in May, with owners Nick Mills, Chris Busby and Sian De Waal citing challenges facing the hospitality industry.
Brasted’s Ltd, which was incorporated in 1986 and ran for 40 years, had an overall deficiency to creditors of more than £1.9 million, according to its statement of affairs.
Meanwhile, its property company Brasted’s Twenty20 Ltd, which it used to borrow the money to purchase Caistor Hall hotel for £3.2 million in 2021, had an overall deficiency of about £2.8 million.
A total of almost £1.38 million of the companies’ combined liabilities was debt internal to the group, owed from Brasted’s Twenty20 Ltd to Brasted’s Ltd…