Hotcha in hot water
The owners of London Road-based Hotcha are in hot water after HMRC raids took place in a suspected £35m money laundering scam.
Having opened in January earlier this year, the store in Newbury became one of the chain’s most popular racking up sales of over £202,000 during its short spell.
Figures released by Moorfields, the London-based insolvency firm who were appointed administrators, reveal Hotcha made more than £11m in net sales between 2013 and August 2017.
The chain employed 145 members of staff before entering administration on October 18. Moorfields say all members of staff have been made redundant as a result of Hotcha's decision to cease trading.
A statement on the company’s website, said: “Simon Thomas and Arron Kendall of Moorfields, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators of Hotcha Limited on 18 October 2017. The Administrators now manage the affairs, business and property of the Company. The Joint Administrators act as agents only and without personal liability.”