Notice of liquidators’ final accountbefore dissolution

Name of Company

Barracuda Pub Company Limited

Company Number

03425098

We David Christian Chubb and Michael John Andrew Jervis the joint liquidators of thecompany, give notice to creditors and members that:-

The company's affairs are fully wound up;

The creditors have the right to request information from the liquidator under rule 18.9 ofthe Insolvency (England and Wales) Rules 2016 (IR16);

The creditors have the right to challenge the liquidator's remuneration and expenses underrule 18.34 IR16;

A creditor may object to the release of the liquidator by giving notice in writing to theliquidator before the end of the prescribed period;

The prescribed period is the period ending at the later of—

o eight weeks after delivery of the notice, or

o if any request for information under rule 18.9 IR16 or any application to courtunder that rule or rule 18.34 IR16 is made when that request or application isfinally determined;

The liquidator will vacate office under section 171 of the Insolvency Act 1986 (IA86) ondelivering to the registrar of companies the final account and notice saying whether anycreditor has objected to release; and

The liquidator will be released under section 173 IA86 at the same time as vacating officeunless any of the company's creditors objected to the liquidator's release.

Signed

Dated: 28 March 2018

The joint liquidators contact details are:

Postal address: C/o PricewaterhouseCoopers LLP, Central Square, 29 Wellington Street, Leeds,LS1 4DL

Email address: andy.lilley@uk.pwc.comTelephone number: 0113 289 4153

Michael Jervis and David Chubb have been appointed as joint liquidators of the Company. Both are licensed in theUnited Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.The joint liquidators are bound by the Insolvency Code of Ethics which can be found at:https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.

The joint liquidators are Data Controllers of personal data as defined by the Data Protection Act 1998.PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure andprocessed only for matters relating to the liquidation.

Creditors’right to request information under rule 18.9 IR16

The following may make a written request to the liquidator(s) for further information about remuneration orexpenses set out in a final account—

(a) a secured creditor;

(b) an unsecured creditor with the concurrence of at least 5% in value of the unsecured creditors (includingthe creditor in question);or

(c) any unsecured creditor with the permission of the court.

A request, or an application to the court for permission, by such a person or persons must be made or filed withthe court (as applicable) within 21 days of receipt of the account by the person, or by the last of them in the caseof an application by more than one member or creditor.

The liquidator(s), within 14 days of receipt of such a request respond to the person or persons who requestedthe information by—

(a) providing all of the information requested;

(b) providing some of the information requested; or

(c) declining to provide the information requested.

The liquidator(s) may respond by providing only some of the information requested or decline to provide theinformation if—

(a) the time or cost of preparation of the information would be excessive; or

(b) disclosure of the information would be prejudicial to the conduct of the proceedings;

(c) disclosure of the information might reasonably be expected to lead to violence against any person; or

(d) the liquidator is subject to an obligation of confidentiality in relation to the information.

A liquidator who does not provide all the information or declines to provide the information must inform theperson or persons who requested the information of the reasons for so doing.

A creditor who need not be the same as the creditor or members who requested the information, may apply tothe court within 21 days of—

(a) the liquidator giving reasons for not providing all of the information requested; or

(b) the expiry of the 14 days within which an liquidator must respond to a request.

The court may make such order as it thinks just.

Creditors’ right to challenge the liquidator's remuneration and expenses under rule 18.34 IR16

An application to court may be made in a winding-up on the grounds that—

(a) the remuneration charged by the liquidator(s) is in all the circumstances excessive;

(b) the basis fixed for the liquidators’ remuneration under rules 18.16 and 18.20 IR16 is inappropriate; or

(c) the expenses incurred by the liquidator(s) are in all the circumstances excessive.

Such an application for one or more of the orders set out in rule 18.36 or 18.37 IR16 may be made by—

(a) a secured creditor,

(b) an unsecured creditor with either—

(i) the concurrence of at least 10% in value of the unsecured creditors (including that creditor), or

(ii) the permission of the court.

The application by a creditor must be made no later than eight weeks after receipt by the applicant of theprogress report under rule 18.3, or final account under rule 18.14 which first reports the charging of theremuneration or the incurring of the expenses in question.

www.pwc.co.uk/barracuda

Joint liquidators’ final account

Barracuda Pub CompanyLimited

(in liquidation)

28 March 2018

www.pwc.co.uk/barracuda

Barracuda Pub Company Limited PwC Contents

Contents

Abbreviations and definitions 2

Key messages 4

Background to the administration 5

What we’ve done during the liquidation 7

Progress since we last reported 9

Outcome for creditors 10

Appendix A: Receipts and payments 12

Appendix B: Expenses 13

Appendix C: Remuneration update 14

Appendix D: Other information 19

2

The following table shows the abbreviations and insolvency terms that may be used in this report:

Abbreviation or definition Meaning

Company or Pub Co Barracuda Pub Company Limited

the Administrators or the former

Administrators

David Christian Chubb, Michael John Andrew Jervis and David Peter

Hurst

Liquidators, we, our, us David Christian Chubb and Michael John Andrew Jervis

Pub Group Barracuda Pub Group Limited

2000 Barracuda 2000 Limited

2005 Barracuda 2005 Limited

Inns Barracuda Inns Limited

Leisure Barracuda Leisure Limited

Bars Co The Barracuda Bars Company Limited

the Group Barracuda Pub Group Limited and its subsidiaries

the Purchaser Bramwell Pub Company Limited (formerly Bramwell Pubs Limited)

(name changed 11 October 2012)

firm PricewaterhouseCoopers LLP

IR16 Insolvency (England and Wales) Rules 2016

IA86 Insolvency Act 1986

HMRC HM Revenue & Customs

prescribed part The amount set aside for unsecured creditors from floating charge

funds in accordance with Section 176A IA86 and the Insolvency Act

1986 (Prescribed Part) Order 2003

secured creditors Creditors with security in respect of their debt, in accordance with

Section 248 IA86

preferential creditors Generally, claims for unpaid wages earned in the four months before

the insolvency up to £800, holiday pay and unpaid pension

contributions in certain circumstances

the Lenders A consortium of two different banking syndicates

Abbreviations and definitions

3

Abbreviation or definition Meaning

RPS Redundancy Payments Service, an executive agency sponsored by the

Department for Business, Energy and Industrial Strategy, which

authorises and pays the statutory claims of employees of insolvent

companies under the Employment Rights Act 1996

unsecured creditors Creditors who are neither secured nor preferential

Bramwell Bramwell Pubs and Bars Limited (formerly Barracuda Pubs and Bars

Limited) (name changed 3 October 2012)

The Crown The Crown, 38 high street, Egham, TW20 9DP

The Famous Cock The Famous Cock Tavern, 259 Upper Street, Islington, London, N1

1RU

PropCo Barracuda PropCo 1 Limited and its subsidiaries (the property owning

companies)

OpCo Barracuda 2000 Limited and its subsidiaries and Barracuda 2005

Limited

4

Why we’ve sent you this reportWe’re writing to tell you that the Company’s affairs are now fully wound up and to provide our final account ofthe liquidation, including an update since our last progress report.

You can still view our earlier reports on our website at www.pwc.co.uk/barracuda.

How much creditors have receivedThe following table summarises the outcome for creditors.

Final recovery position

For secured creditors:i.e. the Company’s Lenders £287,847

For preferential creditors:i.e. former employees (for unpaid wages up to £800 and holiday pay only) and unpaidpension contributions in certain circumstances n/a

For unsecured creditors (by virtue of the Prescribed Part):i.e. all other creditors who are neither secured nor preferential 2.87p/£

What you need to doThis report is for your information and you don’t need to do anything.

The enclosed Notice of Final Report gives details of creditors’ rights in relation to requesting furtherinformation, challenging the Liquidators’ remuneration and expenses and objecting to the Liquidators’ releasefrom liability.

More information in relation to creditors’ rights can also be found in the guide below:

https://www.icaew.com/~/media/corporate/files/technical/insolvency/creditors%20guides/creditors%20guide%20liquidators%20fees%20final.ashx

You can also get a copy free of charge by telephoning Andy Lilley on 0113 289 4153.

Key messages

5

The background to the Administrators’ appointment is summarised in the Administrators’ proposals whichwere circulated to all creditors on 20 November 2012 and remain on our website. On the date of theAdministrators’ appointment on 27 September 2012 the business and assets of the Group were sold. The mainpoints regarding the sale of the business and assets are detailed here:

The PropCo companies were separated from the OpCo by the administrator of 2005, selling an optionto Barracuda PropCo Holdings Limited for the consideration of £10, to buy the shares of BarracudaPropCo1 Limited for £1 within an agreed time limit.

The Purchaser bought 100% of the shares of the trading companies, namely Bramwell, Bars Co and PubCo. Leisure sold its 100% shareholding in Bars Co and Pubs and Bars and its 0.001% shareholding inPub Co. Inns sold its 99.999% shareholding in Pubs Co. Leisure and Inns sold these shares to thePurchaser for £0.01 and £0.99 respectively.

Subsequently, Bramwell bought the following from the administrators of Pub Co, Bars Co and 2000:

- An option to take an assignment of 30 leasehold pubs from Pub Co;- An option to take an assignment of 28 leasehold pubs from Bars Co; and- An option to take an assignment of 1 leasehold pub from 2000.

The assets of those pubs were mainly fixtures and fittings, cash floats and debtors. Part of the salesagreement also contained terms for the intercompany debts to be assigned. The Administratorsgranted Bramwell a licence to occupy the leasehold properties as long as it paid all amounts becomingdue under the leases of these properties.

2005, Inns and Leisure sold intercompany debts. Again, these debts are subject to assignment by theLenders under the terms of the financing documents.

The transaction was part of a wider restructuring of the Group, which resulted in the release of securedliabilities of around £60.0m.

Total consideration of around £20.9m was paid, of which about £20.2m was paid through the partial dischargeof the Lenders’ debt and approximately £0.7m was in cash.

Significant events during the administration

Pub Co entered into a sale agreement with Bramwell to purchase certain assets, including an option to take anassignment of 30 leasehold pubs. Some of these leases had third party landlords and consent was required fromeach of these landlords for the individual leases to be assigned, which Bramwell was responsible for negotiating.

There were still unassigned leases at the first anniversary of the administration and the secured creditor agreedto a six month extension until March 2014. The Administrators received a contribution to costs of £34,500from Bramwell for this extension period.

Bramwell subsequently entered Administration on 31 October 2013. At this time, four consents remainedoutstanding. The Administrators argued that licences to occupy pursuant to the sale agreement with Bramwellterminated upon the appointment of the Bramwell administrators and that the properties returned to Pub Co.The Bramwell administrators argued that periodic tenancies subsisted and did not agree that the licences hadbeen terminated. The Administrators negotiated a settlement agreement with the Bramwell administrators andreceived the sum of £250,000. In addition, new licences were granted to Bramwell who in turn granted sub-licences to new occupiers with a view to the lease ultimately being assigned to those parties.

Background to the administration

6

In early 2014, the Bramwell administrators requested a further extension to the administration as the fourconsents remained outstanding. The administration was extended until 25 March 2015 to allow consents to bereceived and the property assignments to complete. As per the settlement agreement, the Bramwelladministrators agreed they would pay our reasonable costs for extending and remaining in administration.During 2014 three of the assignments completed, and therefore one remained outstanding.

Funds were held in a non-recourse loan account as a contingency to cover the costs of the Administrators, andany surplus was due to be paid back to Bramwell. As part of the agreement with Bramwell, these funds werereleased from the non-recourse loan and the sum of £203,124.78 was received into the administration, inaddition to the settlement monies of £250,000. All of the monies received under the settlement agreementwere assessed as fixed charge monies, as they had been received as a direct result of the control over theproperties under the Lenders’ fixed charge.

The settlement agreement with the Bramwell administrators also provided for the Administrators’ costs andlegal costs of the extended administration period to be paid by them.

In addition there were also a number of other properties that were not part of the Bramwell agreement or werehanded back to the Administrators by Bramwell under the terms of the Sale and Purchase agreement. As therewas no interest or value in these properties, they were handed back to the landlords and lease surrenders wereoffered.

7

The administration ended on 1 April 2015, when the Company went into creditors’ voluntary liquidation and theAdministrators were appointed as joint liquidators.

David Peter Hurst, one of the previous joint liquidators, subsequently left the UK firm of PwC. An applicationwas made to the court to remove him as liquidator and he obtained his release from the Secretary of State on30 November 2015. As two liquidators remained in office, no application was made for a replacement.

At the end of the administration the key outstanding matters were as follows:

Dealing with the Company’s leases.

Liaising with HMRC to re-register the Company for VAT following income received during previousadministration.

Securing payment of the costs contribution from Bramwell relating to the extension and additional costsassociated with the prior administration.

Agreement of creditor claims and payment of a dividend under the prescribed part.

The following is a brief summary of how we’ve dealt with each of these matters in the liquidation. Later in thisreport we focus specifically on what has been done since we previously reported to creditors.

Dealing with leases

During the liquidation we have disclaimed any onerous leases. One lease relating to the The Famous Cock pubthat was occupied by a licensee under a licence to occupy agreement which remained in place when thecompany moved from administration to liquidation. We agreed extensions to the licence to occupy agreementon a number of occasions during the course of the liquidation to enable the licensee to finalise the assignmentof the lease to them.

We have spent a significant amount of time liaising with the licensee and our solicitors to agree theseextensions. The direct costs have been paid for by the licensee. Due to the amount of time it has taken to assignthe licence, some of the incremental costs of keeping the liquidation open have also been paid for by thelicensee.

As previously reported, the assignment of the Company’s leasehold interest to the licensee was completed inApril 2017.

Rent deposits

We have been holding rent deposits in respect of two leasehold premises that were agreed and paid by Bramwellin the prior administration. The funds that we have been holding are:

£8,330 relating to The Famous Cock; and

£17,250 relating to The Crown.

As stated above, the Famous Cock was assigned in April 2017 and the licence to occupy agreement in placeconfirmed that rent deposit held should be returned to Bramwell (that had also moved from administration toliquidation).

What we’ve done during the liquidation

8

The Crown was assigned to Stonegate in the previous administration and it was agreed at the time that the rentdeposit would not be released to Bramwell until the appointees vacated office.

Bramwell was dissolved on 9 May 2017, therefore these funds have been paid to the Government LegalDepartment as bona vacantia property (details of which are included at Appendix A).

Costs contribution from the Bramwell liquidators

As previously reported, the Company’s former administrators and the former administrators of Bramwellsigned a settlement agreement, whereby the latter agreed to pay our reasonable costs for extending andremaining in administration. These funds were received in the liquidation, in the sum of £101,866.

VAT matters

Following our appointment, it came to our attention that income received in the previous administration hadreached and exceeded the VAT threshold. We have spent significant time liaising with HMRC in order toestablish if the Company had previously been making taxable supplies. We received confirmation from HMRCthat the Company needed to be reregistered for VAT purposes and therefore the necessary work was completedto bring the Company’s VAT affairs up-to-date.

We have recently arranged the Company’s deregistration for VAT to enable the liquidation to be moved toclosure.

Dealing with unsecured creditor claims

We have adjudicated on all creditor claims and declared and paid a prescribed part distribution to unsecuredcreditors on 22 November 2017. We discuss this later in the report.

9

Progress since we last reported

Realisation of assets – assets not specifically pledgedWe have received a sundry debt refund of £303.80 during the period since our last progress report.

Statutory and complianceOur other key areas of work included complying with statutory and compliance obligations and the following:

Distribution of funds to the Lenders;

Payment of prescribed part dividend to unsecured creditors;

Settlement of third party funds held;

Dealing with the Company’s VAT obligations including the deregistration of VAT;

Completing tax returns as appropriate and requesting the relevant tax clearance from HMRC;

Responding to creditor enquiries; and

Maintaining internal case records.

Investigations and actionsNothing has come to our attention during the period under review to suggest that we need to do any more workin line with our duties under the Company Directors’ Disqualification Act 1986 and Statement of InsolvencyPractice No.2.

Our receipts and payments accountWe set out in Appendix A an account of our receipts and payments in the liquidation from 1 April 2017 to 28March 2018 and for the liquidation in total.

Our expensesWe set out in Appendix B a statement of the expenses we’ve incurred in the period since our last report.

Our feesWe set out in Appendix C an update on our remuneration which covers our fees, disbursements and otherrelated matters in this case.

10

Secured creditorsThe Lenders’ security includes fixed and floating charges over all of the Company’s assets. As explained earlierin this report, the initial sale of the business transaction was part of a wider restructuring of the Company’sgroup, which resulted in the partial release of secured liabilities of c.£60m.

The Lenders were paid a first and final distribution of £287,847 in the liquidation. The Lenders weren’t repaidin full under their security.

Preferential creditors (mainly employees)The Company did not have any preferential creditors.

Unsecured creditorsDividends become available for unsecured creditors when there are sufficient funds (after costs of theliquidation) to pay the secured and preferential creditors in full, with an amount left over. In certaincircumstances, part of the amount available for secured creditors may be ring-fenced for the benefit ofunsecured creditors.

This prescribed part is paid out of ‘net property’, which is floating charge realisations after costs, and afterpaying - or setting aside enough to pay - preferential creditors in full. But it only has to be made availablewhere the floating charge was created on or after 15 September 2003.

The prescribed part applies in this case as there is a floating charge created after 15 September 2003. The

amount of the prescribed part is:

50% of net property up to £10,000; plus 20% of net property above £10,000; but Subject to a maximum of £600,000.

The Company’s net property was £118,518, which means the value of the prescribed part was £26,704. Fromthis we deducted fees relating to the agreement of creditor claims of £18,655 (plus VAT) resulting in fundsavailable for distribution to creditors of £8,049. We paid the dividend on 22 November 2017.

Apart from the prescribed part, no further dividend was paid to the unsecured creditors.

What we still need to doThe winding up of the Company is now complete. Following the end of the period within which creditors mayobject to our release, we will send a copy of this final account to the Registrar of Companies with a statement ofwhether any creditors of the Company objected. We will vacate office on sending the copy report and statementto the Registrar of Companies.

Outcome for creditors

11

If you’ve got any questions, please get in touch with Andy Lilley, on 0113 289 4153.

Yours faithfullyFor and on behalf of the Company

D ChubbJoint liquidator

Michael Jervis and David Chubb have been appointed as joint liquidators of the Company. Both are licensed in the United Kingdom to

act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The joint liquidators are bound by the

Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.

The joint liquidators are Data Controllers of personal data as defined by the Data Protection Act 1998. PricewaterhouseCoopers LLP will

act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the liquidation.

12

Notes:

1) Reallocation of VAT following reconciliation of VAT account.

As the Company is deregistered for VAT, the VAT on the liquidators’ fees and disbursements will be recovered from HMRC

and assigned to the Firm.

There are no statement of affairs figures as the liquidation was preceded by an administration procedure.

Please note all figures are exclusive of VAT where applicable unless otherwise stated.

Barracuda Pub Company Limited - in Creditors' Voluntary Liquidation

Summary of financial information as at 28 March 2018

Notes

1 April 2015 to 31

March 2017

1 April 2017 to 28

March 2018

Total

£ £ £

Realisations

Interest received gross 2,079.71 138.91 2,218.62

Refunds 21,337.25 303.80 21,641.05

Surplus from the administration 518,982.90 - 518,982.90

Bramwell settlement (relating to administration costs) 101,866.15 - 101,866.15

Third party funds (relating to liquidation costs) 77,013.17 25,000.00 102,013.17

721,279.18 25,442.71 746,721.89

Payments

Secured lenders distribution - 287,847.00 287,847.00

Bank charges 15.00 - 15.00

Corporation tax 143.43 - 143.43

VAT irrecoverable (relating to previous administartion) 1 6,594.71 - 6,594.71

Legal fees 50,517.25 5,500.00 56,017.25

Administrators' disbursements 140.03 - 140.03

Administrators' fees (time costs basis) 137,461.29 - 137,461.29

Liquidators' fees (time costs basis) - 217,862.04 217,862.04

Liquidators' disbursements - 931.58 931.58

Agents' fees 5,903.18 - 5,903.18

Statutory Advertising 76.72 73.00 149.72

Prescribed Part dividend - 8,049.00 8,049.00

Storage costs - 19.39 19.39

Rent deposits - 25,584.39 25,584.39

200,851.61 545,866.40 746,718.01

VAT Control Account 1 28,222.43 (28,218.55) 3.88

Balance at Bank 492,205.14 (492,205.14) -

Appendix A: Receipts and payments

13

The following table provides details of our expenses. Expenses are amounts properly payable by us asliquidators from the estate and include our fees, but exclude distributions to creditors.

The table should be read in conjunction with the receipts and payments account at Appendix A, which showsexpenses actually paid during the period and the total paid to date.

Brought forward frompreceding period £

Incurred in the periodunder review £ Cumulative £

Bank charges 15.00 - 15.00

Corporation Tax 143.43 - 143.43

Legal Fees 50,517.25 5,500.00 56,017.25

Administrators’ disbursements 140.03 - 140.03

Administrators’ fees (time costs basis) 137,461.29 - 137,461.29

Liquidators’ fees (time costs basis) 196,806.80 108,506.20 305,313.00

Liquidators’ disbursements 593.15 338.43 931.58

Agents’ fees 5,903.18 - 5,903.18

Statutory Advertisement 76.72 73.00 149.72

Storage Costs - 19.39 19.39

VAT irrecoverable (relating to previousadministration)

6,594.71 - 6,594.71

Total 398,251.56 114,437.02 512,688.58

Appendix B: Expenses

14

The fee basis agreed in the administration continued to apply in the liquidation, meaning that our fees as liquidators was calculated by reference to the timeproperly given by our staff and us in attending to matters arising.

The time cost charges incurred in the period since our last report are £108,506.20. This amount does not reflect how much was drawn as fees for this period.

We set out later in this Appendix details of our work to date, disbursements, subcontracted work and payments to associates.

Our hours and average rates

Analysis of our time costs by grade and work area from 1 April 2017 to 28 March 2018

     Aspect of assignment Partner Director

Senior

Manager Manager

Senior

Associate Associate Secretarial Total hours Time cost

Average hourly

rate

£ £

Strategy & Planning 2.10 - 0.15 - 60.90 8.30 0.04 71.49 17,454.70 244.16

Secured creditors - - 0.30 - 3.60 - - 3.90 879.60 225.54

Assets - - 0.15 - 16.10 0.40 - 16.65 3,301.65 198.30

Creditors - - 5.10 24.20 23.30 7.72 1.15 61.47 17,351.35 282.27

Accounting and treasury - - 0.40 0.30 11.05 5.10 - 16.85 3,436.60 203.95

Statutory and compliance 0.60 - 1.20 0.15 54.65 4.55 4.60 65.75 13,976.70 212.57

Tax & VAT 1.50 - 2.55 6.23 87.35 37.25 - 134.88 44,055.00 326.62

Employees & pensions - - - - 0.80 1.10 - 1.90 339.90 178.89

Closure procedures - - 5.40 - 21.55 - - 26.95 7,710.70 286.11

Total for the period 4.2 - 15.3 30.9 279.3 64.4 5.8 399.84 108,506.20 271.37

Brought forward at 31 Mar 2017 749.15 196,806.80

Total 1,148.99 305,313.00

Appendix C: Remuneration update

15

Analysis of our cumulative time costs.

Our time charging policy and hourly ratesWe and our team charge our time for the work we need to do in the liquidation. We delegate tasks to suitablegrades of staff, taking into account their experience and any specialist knowledge that is needed and wesupervise them properly to maximise the cost effectiveness of the work done. Anything complex or importantmatters of exceptional responsibility are handled by our senior staff or the Liquidators.

All of our staff who work on the liquidation (including our cashiers, support and secretarial staff) charge timedirectly to the case and are included in any analysis of time charged. Each grade of staff has an hourly chargeout rate which is reviewed from time to time. For the avoidance of doubt, work carried out by our cashiers,support and secretarial staff is charged on a time costs basis and is included in the analysis of hourly ratescharged by partners or other staff members. Time is charged in three minute units. The minimum timechargeable is three minutes (i.e. 0.05 units). We don’t charge general or overhead costs.

We set out below the maximum charge-out rates per hour for the grades of our staff who already or who arelikely to work on the liquidation.

Grade Up to 30 June 2016 £ Up to 30 June 2017 £ From 1 July 2017 £

Partner 825 840 865

Director 725 740 760

Senior manager 425 435 450

Manager 340 345 355

Senior associate 255 260 268

Associate 165 170 175

Support staff 87 89 92

     Aspect of assignment Total hours Time cost

Average hourly

rate

£ £

Strategy & Planning 213.49 53,624.70 251.18

Secured creditors 46.25 14,516.35 313.87

Assets 111.15 26,537.65 238.76

Investigations 5.65 1,348.25 238.63

Creditors 119.52 32,670.60 273.35

Accounting and treasury 89.15 17,806.50 199.74

Statutory and compliance 201.40 53,797.10 267.12

Tax & VAT 333.38 96,923.00 290.73

Employees & pensions 1.90 339.90 178.89

Closure procedures 27.10 7,748.95 285.94

Total for the period 1,148.99 305,313.00 265.72

16

We call on colleagues in our Tax, VAT, Real Estate and Pensions departments where we need their expertadvice. Their specialist charge-out rates vary but the following are the maximum rates by grade per hour.

Grade Up to 30 June 2017 £ From 1 July 2017 £

Partner 1,250 1,315

Director 1,150 1,210

Senior manager 1,170 1,230

Manager 700 735

Senior Associate / consultant 515 545

Associate / assistant consultant 255 270

Support staff 180 160

In common with many professional firms, our scale rates may rise to cover annual inflationary cost increases.

Our work in the period since our last report.Earlier in this section we have included an analysis of the time spent by the various grades of staff. Whilst thisis not an exhaustive list, in the following table we provide more detail on the key areas of work :-

Area of work Work undertaken Why the work was necessary

What, if any, financialbenefit the work provided to

creditors OR whether it wasrequired by statute

Strategy & planning Budgets and cost monitoring.

Case strategy, update andprogression meetings.

Appointee and senior staffstrategy overview.

Planning for the end of theliquidation.

For the proper management of

the case.

Controls efficiencies, time

costs and ensures continuedcase progression.

Accounting & treasury Bank reconciliations.

Receipts from third party.

Payments to third parties.

Payment of liquidators’ feesand expenses.

For the proper management of

the liquidation bank account.

To allow the liquidators to

comply with their legalobligations.

Assets Ad hoc property enquiries.

Assignment of Company leaseagreement.

To protect and maximise thevalue of the Company’s assets.

For the proper management ofthe case.

Continued case progression.

Creditors (including Securedcreditors)

Ad hoc creditor enquiries.

Liaising with secured creditorsregarding distributions.

Declaration and payment ofthe prescribed part dividend tounsecured creditors.

Dealing with creditorcorrespondence and requestsfor updates.

Payment of dividend to

secured creditors.

To agree claims and to keepcreditors informed of progress

of the liquidation.

Work is required by statuteand for the proper

administration of theinsolvency and distribution offunds to creditors.

17

Area of work Work undertaken Why the work was necessary

What, if any, financial

benefit the work provided tocreditors OR whether it wasrequired by statute

Employees & pensions Dealing with former employeesreference requests.

For the proper management ofthe case.

Required by statute.

Statutory & compliance Internal compliance

procedures.

General case correspondence.

Reviewing appointees’bonding.

Updating case records.

Appointee and managerreviews.

Preparation of the liquidators’final report.

To comply with mandatory

statutory and otherobligations.

Required by statute or other

legal requirement.

Tax and VAT Completion of statutory VATreturns and arranging the VAT

deregistration.

Complying with the Company’stax obligations and arranging

tax clearance from HMRC.

To comply with legalrequirements.

Required by statute or otherlegal requirement.

Ensures any available tax andVAT recoveries are made forthe insolvency estate.

Closure procedures Review of records regardingrent deposits held from

previous administration andthe return thereof (includingobtaining legal advice where

appropriate).

Liaising with the InsolvencyService regarding preparation

for dealing with any unclaimeddividend cheques.

Internal correspondenceregarding the storage and

destruction of Company booksand records.

Obtaining the required

consents for closure of theliquidation.

For the proper management ofthe case.

Required by statute or otherlegal requirement.

DisbursementsWe don’t need to get approval to draw expenses or disbursements unless they are for shared or allocatedservices provided by our own firm, including room hire, document storage, photocopying, communicationfacilities. These types of expenses are called “Category 2” disbursements and they must be directly incurred onthe case, subject to a reasonable method of calculation and allocation and approved by the same party whoapproves our fees.

Our expenses policy allows for all properly incurred expenses to be recharged to the liquidation and has beenapproved by the secured creditors in the prior administration where required.

The following disbursements arose in the period of this report.

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Category Policy

Costs

incurred

£

2Photocopying - at 5 pence per sheet copied, only charged for circulars to

creditors and other bulk copying.323.41

1 Archiving - reimbursed at cost 15.02

Total 338.43

Our relationshipsWe have no business or personal relationships with the parties who approve our fees or who provide services tothe liquidation where the relationship could give rise to a conflict of interest.

Legal and other professional firmsWe instructed the following professionals on this case:

Name of firm /organisation

Service provided Reason selected Basis of fees

DLA Piper UK LLP Legal advice relating todisclaiming leases and otherproperty related matters.Drafting, negotiation andcompletion of a settlement deed.

Insolvency experience Time costs

Exacta plc Advice and collection of businessrates refund.

Relevant experience Percentage ofrealisations

KingsfordPartnership Limited

Advice and collection of businessrates refund.

Relevant experience Percentage ofrealisations

Our choice was based on the advisers’ experience, the complexity and type of work and the basis of the feearrangement. We’re satisfied that the fees charged are reasonable.

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Name of company: Barracuda Pub Company Limited

Registered number: 03425098

Registered office: Central Square, 29 Wellington Street, Leeds, LS1 4DL

Former company names: n/a

Trading names: n/a

Trading address: Lunar House, Fieldhouse Lane, Globe Park, Marlow,Buckinghamshire, SL7 1LW

Names of liquidators and theiraddresses:

David Christian Chubb and Michael John Andrew Jervis of 7 MoreLondon, Riverside, London, SE1 2RT

Date of liquidators appointment: 1 April 2015

Details of change in liquidators: David Peter Hurst was appointed on 1 April 2015, ceased to act on30 June 2015 and obtained his release from the Secretary of State on30 November 2015.

Details of prior administration: Administration appointment date: 27 September 2012

Administration end date: 1 April 2015

Joint Administrators: David Peter Hurst, David Christian Chubband Michael John Andrew Jervis

The European Regulation onInsolvency Proceedings (CouncilRegulation(EC) No. 1346/2000 of 29May 2000):

The European Regulation on Insolvency Proceedings applies to thisLiquidation and the proceedings are main proceedings.

Appendix D: Other information