What does 'placed in administration mean for a company'?

Basically, the administrators are running the company while a new owner can be found - and any subsequent decisions are entirely up to whoever that is.

I worked for a company that briefly went into administration during the last recession, but the new owner kept on all the old staff. However, she sold up a few years later (after I'd left), and the new owner (mark 2) decided to adopt a complete scorched-earth policy and start from scratch with an entirely new team. I gatecrashed the launch party, and recognised just one other person there, which told me all I needed to know!

Thanks, ?I thought it was something like that but got confused when the owner said he hoped to be staying on.

The place went downhill after OH left (4 years ago), and with the current climate it wouldn't have helped matters.

The actual company which has gone into administration is the restaurant at largs marina, which is a totally separate entity from the one which runs the cafe/ ice-cream shops (incidentally, the huge old cafe on the shore front is about to re-open ...but I digress). Basically, what Mr JK said. Administration is a form of insolvency procedure but unlike receivership (where the bank appoints a reciever to realise as much value from the assets as possible in order to repay the bank, and to hell with the other creditors) the administration procedure tries to keep the company's business going with a view to selling it on as a going concern. Often in the past, a management team would use this opportunity to buy the business from the administrator, although bank funding is scarce at the moment for this kind of activity, and the restaurant industry is on its knees, so I do wonder who on earth is going to buy this and how.

Yeah, its the one at the marina that OH worked at although he did work at the main one (now and then) when Nardinis still owned it.

The main cafe was supposed to open last year, hopefully it will open soon.

It'll be interesting to see who buys it.

that largely depends on why it went into administration in the first place, and if anyone can raise the finance, which right now is extremely difficult. it also depends on if there is any value there and if there are any hard assets.

I can answer all of that for you Nick with one simple sentence: It's a restaurant ?

And it doesn't own its property- I'm pretty sure I read somewhere it's tied into a fairly onerous lease with the owners of the marina. Having said that, if you pay a small fortune to keep your boat at the marina, you expect it to have basic amenities such as a cafe and restaurant, so that you can feed the troops quickly when you come in off the water. (Their rival marina has a pretty good restaurant and bar up the coast). Therefore, I wonder if the marina itself will step in to take on the business, or at least offer some kind of lease incentive to a prospective purchaser.

I think the lease is for 100yrs (but I could be talking complete rubbish) but I'm sure there was something with it being the only place at the marina being able to sell food and alcohol. But that was a few years ago, so it could have changed.

there is another smaller cafe/restaurant in the marina.