Opus selected for Hickory administration process
Culinary events company Hickory has announced that it will enter into administration. Professionals from Opus Restructuring & Insolvency have been installed to oversee the work.
Established in 2012, Hickory is a Scotland-based events firm, with a reputation for “bold culinary events in incredible venues, with a focus on innovative and invigorating menus”, according to its website. The company has also championed sustainability measures in the catering sector, and adopted a Quality Management System integrating ISO 9001 as part of the company culture. The company ensured that quality was woven throughout every part of their business, including development and training. This ethos helped the company win many industry awards and recommendations.
However, as was the case for many public-facing companies, the lockdown period of the Covid-19 pandemic led to a period of poor trading and margins. With low demand, the pressures resulted in temporary closures of sites, and that created additional strains when it came to supplying new work.
At the same time, working capital requirements became a pressing issue, due in no small part to high levels of inflation, interest rates and the cost of living crisis. Turnover during the course of last year peaked at £5.6 million – and while the levels of activity started to recover in early 2024, the company had a growing funding requirement.
In the end, with the business facing a range of cash flow challenges in recent weeks, it could not continue trading. The firm’s directors therefore made the decision to appoint joint administrators from Opus Restructuring & Insolvency. Mark Harper and Charles Turner will now explore the options for the company and its creditors.
Harper, a partner for Opus, “We are working closely with the directors and a number of stakeholders to ensure continuity of the forthcoming events.”
Earlier reports on the administration had stated that weddings, charity balls, staff parties and more were in question, with some customers facing a possible £9,000 loss on catering services that could not be fulfilled. Weddings at Hickory’s events space were advertised by events and catering company Hickory Scotland Limited at £8,950 all inclusive.
