Angel in administration.

London, 3rd November 2005, ICC Credit, one of the UK’s leading credit reference agencies reports that the wholesaler Angel Realisations 6 Ltd based in London is in administration.

Angel, a group engaged in the operation of high street bars, public houses and restaurants, was incorporated in 1985. In recent years the company’s sales had been steadly growing from £12.5m in 1995 to £153m in 2003. In 2004 the sales droped by 16%. However, Angel’s profitability was always quite low in comparison to sales. Over the last 10 years the company recorded their highest profit of £15m in 2000. In 2003 Angel reported a loss of £100m.

Matthew Debbage, Head of Product and Marketing, ICC Credit stated, ‘caution should be given when granting credit within this sector - with 8.4 % of companies in Liquidation. This compares unfavourably with the 4% average across all industries’.

Mr Debbage continued, ‘also, according to recent ICC Credit research, 24% of companies engaged in the management of public houses have a County Court Judgment filed against them. Perhaps an early warning sign in this instance, could have been the 19 judgements filed against Angel in the last 36 months’.