Strictly star Adam Thomas’ failed restaurant ‘under investigation’ after going bust owing £300K and ‘creditors unlikely to see a penny’ – despite actor earning ‘£200K a year’
As a lifestyle expert with years of experience under my belt, I must say that the news about Adam Thomas’ restaurant The Spinn being under investigation is quite disheartening. It seems that despite his successful acting career and earning potential, the former Strictly contestant’s business ventures have not been as fruitful.
Reports indicate that the restaurant business owned by Adam Thomas, named The Spinn, is being scrutinized following its closure in 2022, after three years of operation and accumulating a significant debt of approximately £300K.
As reported by The Sun, despite the ex-Strictly contestant, aged 36, earning an annual income of £200K from acting jobs like his role as Donte Charles on Waterloo Road, it appears that those he owes money to are unlikely to receive any of what they’re owed.
In 2019, Adam, along with his friend Scott Graham, established a restaurant in Gatley, Manchester. Later on, they also started a business specializing in bars, burgers, and sauces.
However, the restaurant had to shut down because of the COVID-19 lockdowns, affecting a staff of 12 employees.
Although the ex-Emmerdale actor stepped down as a director in 2021, news outlets suggest that he is expected to be involved in the ongoing investigation, as the details behind the company’s failure are being scrutinized.
As your trusted lifestyle advisor, I can share that during my tenure at Gatley Bar & Grill, I ensured all necessary steps were taken promptly. Within three months of assuming my role, I reached out to the director, former director, and creditors. I conducted our preliminary SIP2 investigations and submitted a report detailing the conduct of the directors to the Department for Business and Trade.
Apart from our non-profit activities, we’ve been engaged in tasks that are essential by law. These tasks may not result in financial gains for the creditors, but they are necessary for each case.
Liquidators are often tasked with ensuring they adhere to laws like the Company Directors’ Disqualification Act 1986 (CDDA 1986) and Statement of Insolvency Practice 2 – Investigations by Office Holders in Administrations and Insolvent Liquidations. These tasks may not directly lead to financial gains for creditors, but they could potentially uncover assets that the Liquidators can recover for the benefit of creditors if such recoveries are found.
I’ve taken the step of forwarding a detailed account regarding the behavior of our company’s Director and Former Director to the Department for Business and Trade, in line with the provisions of the Companies Act 1986 (ODDA). Due to its confidential nature, I regret that I am unable to share the specific details of the report at this time.
Immediately following the appointment, we performed a preliminary evaluation to determine if there were any potential issues that could result in recoveries for the estate and identified any additional investigations that might be necessary.
We’ve forwarded an internal report about the behavior of our Company’s current and former directors to the Department for Business and Trade, in accordance with the Official Secrets Act 1986. Since the content of this report is private, I regret that I cannot share its details.
TopMob have contacted Adam’s reps for comment.
Last July, the company Gatley Bar and Grill Limited officially entered into administration, carrying a debt of approximately £293,996. This sum included an outstanding balance of £71,423 that was due to the tax authorities, as reported by The Sun at that time.
As a devoted follower, I’m sharing some bittersweet news: After careful consideration, we’ve chosen to close down The Spinn. Running this venture has been an extraordinary journey, filled with lessons learned and unforgettable moments of fun. Building our first enterprise together has taught us invaluable skills, but the joy we experienced throughout this process is what we cherish most.
After three thrilling years, it’s time for a new adventure! Now, I’m fully immersed in shaping the future of The Spinn… our beloved bar, and Oh My Glaze… my cherished burger sauce company. Exciting times lie ahead!
He expressed gratitude: ‘Once more, I appreciate those who have stood by us throughout and those still doing so. And, of course, to all our team members, we’re looking forward to traveling this path together.’
In 2019, Adam shared with I Love Manchester that he and his friend Scott had been eager to embark on this venture for quite some time. As students, they would often discuss their dream of running their own establishment together.
‘We discovered a place that captured our hearts, and on an unexpected night out, we happened upon a casino. In a moment of whimsy, we decided to take a spin at the roulette table with the hope that winning would give us the final nudge to make our dream come true. Although we didn’t win a substantial amount, the symbolic nature of the bet provided the decisive impetus. That’s why we named our restaurant ‘The Spinn,’ as a nod to both the thrill of chance and the start of an exciting new chapter in our lives.’
After being declared bankrupt in 2013 with a debt of £40,000 to the Inland Revenue, Adam’s brother Ryan managed to recover financially.
During that period, the actor was approximated to be making around £90,000 annually for his portrayal of builder Jason Grimshaw on Coronation Street.
Following his stint on Celebrity Big Brother in 2019, Ryan experienced a surge in his career and was poised to amass wealth as a millionaire due to several profitable deals. He then gained even more recognition when he emerged victorious in the most recent season of Dancing on Ice.
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2024-10-07 22:34