A RESTAURANT which went out of business during the Omicron crisis has debts which outstrip its assets by almost £1milion.

La Cave Dorset, which traded as the Ashley Cross bistro Maison Sax, owes £936,150 to creditors, a report estimates.

Meanwhile, the restaurant premises in Britannia Road has been put on the market for sale or rent.

As previously reported, the restaurant closed in January and never reopened.

It called in liquidators from advisory firm RSM UK, who said: “Despite an increase in trade through the summer of 2021, public concern regarding the Omicron variant of Covid-19 hindered the business further and significantly reduced its festive bookings.

“The company subsequently ceased to trade.”

The business took over the former Brit pub in 2018. Founder David Sax left as a director in 2020.

Documents filed at Companies House show a meeting on February 10 passed a resolution to wind up the business.

La Cave Dorset owes HMRC an estimated £136,832 plus interest for VAT and PAYE, while trade creditors – including a list of local businesses – are owed a total of £228,366.

Lloyds Bank is owed £24,175 in an overdraft and £50,000 in a government-backed coronavirus bounce back loan, while the company’s landlord is due £152,143.

The statement of affairs, produced by the liquidators for company chair Evan Bebb, also lists a loan to P Johnson and S Bourn of£333,664.

La Cave Dorset owed a total of £137,458, to two local businesses – Barook Developments and CK5 Ltd – with whom it shared a common shareholder, Richard Cook.

Mr Bebb’s statement of affairs says the business can expect to realise assets of £17,626, enough to pay for the £1,795 it owes in pension contributions and £15,830 of its debts to HMRC. That leaves a shortfall to creditors of £918,524.

Estate agency Savills, whose management treasury department is owed the £152,143 rental debt, is marketing the premises. It is inviting offers for the freehold with vacant possession, or for rent with a guide price of £95,000 a year.

It describes the site as a “public house and restaurant located in a sought-after area of Ashley Cross available freehold or on a free of tie lease basis” and says the majority of the loose fixtures and fittings are excluded from the deal.