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King's Lynn restaurant went into administration owing £176,000




The full extent of the debts left when the company that started the highly-rated Lynn restaurant Market Bistro went bust has been laid bare by documents lodged with Companies House in London.

The eatery, which was listed in the Michelin Guide and which had won a certificate of excellence from TripAdvisor for its cuisine and service, was opened in 2010 in Saturday Market Place by chef Richard Golding and his wife Lucy.

Its contemporary cuisine based very much on locally-sourced organic produce soon won it a very loyal following. Later the pair expanded into the former Wenns pub next door opening Goldings, a bar with a gastro touch about it while Market Bistro became a pizza restaurant.

Lynn News competition:..Market Bistro, Saturday Market Place, King's Lynn. (38091171)
Lynn News competition:..Market Bistro, Saturday Market Place, King's Lynn. (38091171)

But in March, just before Covid-19 shut down restaurants across the country, the Goldings announced they were leaving town. A post on facebook from Mrs Golding said: "And it's farewell to us ... We've seen our all-time highs and also our all-time lows."

The Goldings are listed as two of the shareholders of Market Bistro Ltd, each owning 25 per cent. Simon Ring is listed as owning the other 50 per cent.

The estimated total debt of money owed in March is put by the administrator at £176,735.

Market Bistro, the restaurant havebeen awarded a TripAdvisor Certificate of Excellence award. .LtoR, Lucy Golding, Richard Golding, Brandon Allison, Jess Marlow, Danielle Joseph. (38091162)
Market Bistro, the restaurant havebeen awarded a TripAdvisor Certificate of Excellence award. .LtoR, Lucy Golding, Richard Golding, Brandon Allison, Jess Marlow, Danielle Joseph. (38091162)

Of this, £49,000 is owed to directors with Mr Ring also being shown as being owed further money personally.

Some £14,700 is owed to HMRC and £37,000 is owed to NatWest Bank.

A total of £25,699 is listed as being owed to employees.

After the company ceased trading, disgruntled ex-employees started a facebook campaign to try to force the payment of wages owed to them. At the time, Mr Golding said his hands were tied by the firm going into administration and that he was keen to settle what was owed to them.

Market Bistro image.. (38091165)
Market Bistro image.. (38091165)

Nearly £39,000 is listed as being owed to other businesses in the area, including accountants Clenshaw Minns, of Swaffham, Grain Brewery, CH Cook Ltd of West Walton, wine suppliers Lea & Sandeman and Paris Print and Design of Hunstanton.

Some £11,000 of plant and machinery is listed as the sole asset of the company but the "ability to realise" this value is noted as "uncertain" and thus the estimated total assets for preferential creditors is rated as "nil".

Lynn News competition:..Market Bistro, Saturday Market Place, King's Lynn. (38091168)
Lynn News competition:..Market Bistro, Saturday Market Place, King's Lynn. (38091168)

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