More than £300,000 was owed by an underground gin bar at Liverpool's Royal Albert Dock when it closed, new documents have revealed for the first time.
Turncoat has entered liquidation after shutting for the final time in the lead up to Christmas. The venue had first opened in one of the city’s most iconic locations at the start of 2020 in the basement below Revolución de Cuba.
It was run by the team behind Turncoat Distillery which itself was founded in a Liverpool garage in 2016.
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The distillery had become known for creating its own spirits such as Albert Dock gin, Our Man Sicily gin and Dragon Tears gin.
However, writing on Facebook last month, founding director Terry Langton confirmed the distillery would produce its final gins that month.
Newly-filed documents with Companies House have now confirmed that Turncoat Bars Ltd entered liquidation owing £300,155 to its creditors.
Writing on Facebook, Mr Langton said: "Turncoat has decided to distil its last run and start winding down.
"Our bars are now closed, our related pop-up ventures have stopped and the distillery is being dismantled.
"It's been a great six years and I'd like to thank all of our customers for supporting a scrappy little start-up that started in a garage and went on to employ over 40 people, turn over nearly a million pounds and make some amazing products I'm really proud of.
"It's been a rollercoaster since we started and a privilege to have the best customers, both bars and loyal fans.
"I'm glad so many staff have come through Turncoat on its journey, then onto other things in their lives.
"Personally, I won't be returning to craft production after 12 years in the sector. I'm off to grow up and get a proper job.
"Sadly I don't think this country treats small business and entrepreneurs very well.
"Thanks so much for getting behind us and supporting us throughout the years.
"A special thanks to our investors Rob, Pete, Richard, Heather and Joanne. To all my friends who put up with my nonsense and to the customers who took a punt on us, especially the ones that actually paid. Liverpool is a great place for start-ups.
"All the best, support local start-ups and business, stick to independent craft stuff - it has soul."
The closure comes after Mr Langton spoke to BusinessLive in April 2021 and revealed how his firm came perilously close to going out of business after being forced to shut due to the Covid lockdown - just a month after launching.
In March, the coronavirus pandemic forced the hospitality sector to close its doors, and until lockdown restrictions eased on April 12 of this year - 13 months - the bar had only traded for a total of 96 days.
Speaking to BusinessLive, Mr Langton explained just how close the firm came to going under, how he managed to keep it afloat - and why he was optimistic about the future.
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