Specialist food retailer goes into liquidation

A Yorkshire eatery and meatball production firm which last year said it had ‘surpassed’ crowdfunding targets has gone into liquidation – leaving crowd-funding investors out of pocket.

The Yorkshire Meatball Company, based in Leeds and which had a Harrogate restaurant, has agreed for the company be wound-up voluntarily.

Just last April, TheBusinessDesk.com reported that the firm had managed to reach £130,650 in funding on Crowdcube, following the launch of a campaign in March 2016. The overall funding was from 237 investors, which equated to 15.12% equity of the overall business. At the time, the company founders said that the funding has ‘surpassed’ their original target.

The company was founded by father and son team David and Gareth Atkinson. Liquidators James Sleight and John Twizell of Geoffrey Martin & Co of Leeds have been appointed this month; leaving investors in the firm out of pocket.

The founders had planned to use the crowdfunding to diversify the business’ offer, place products in supermarkets across the country; expand the original Harrogate restaurant and add a further two restaurants to its portfolio.

Earlier this year, the firm confirmed that their products had hit the shelves of Morrisons. It is understood the range was removed by Morrisons earlier this month.

The company started  in 2012 after being inspired by New York’s The Meatball Shop. The Yorkshire Meatball Company first launched as a popular restaurant in Harrogate in 2014, but was shut down after it losing its kitchen staff to the series of chain restaurants.

James Sleight, of Geoffrey Martin & Co, said: “The Company’s financial difficulties arose from a culmination of the historic losses from its restaurant operations and insufficient working capital to promote its products to a wider audience.

“Whilst repeat demand for its products was strong and the company had been able to build up a loyal consumer following it was sadly not sufficient for the supermarkets and all products were withdrawn at the end of September. Despite repeated attempts by management to source further investment for the business to build on its initial success the Company ran out of funds and ceased to trade.

“No employees other than management were affected as the Company outsourced the majority of its operations.

“Geoffrey Martin & Co are concentrating on trying to find a buyer for the Company’s  brand/business in the hope that this multi award winning concept can be revived and offered to customers again. Any interest should contact this office.”