On 11 March 2025, HM Revenue & Customs (HMRC) presented winding-up petition CR-2025-001657 against Upmarket Leisure Ltd (Company No. 13017028) which is the operator of five Gino D’Acampo-branded restaurants, over unpaid tax liabilities. The High Court petition is due to non-payment of taxes owed to HMRC and follows financial struggles exacerbated by £5.8m in creditor debts reported in the 2023 accounts.
The petition was advertised in the London Gazette on 16 April 2025 which means the Company’s bank accounts were likely frozen from that date. The petition was due to be heard on 30 April 2025 at the High Court, Royal Courts of Justice, 7 Rolls Building, Fetter Lane, London, EC4A 1NL however on 29 April 2025 a notice of appointment of an administrator was filed in Manchester (CR-2025-MAN-000630) putting an end to the HMRC winding-up petition via this alternative insolvency event.
Update: 5 May 2025 – Upmarket Leisure Sold in £5m Pre-Pack Deal
The hospitality group behind Gino D’Acampo’s restaurants, Upmarket Leisure Ltd, has been acquired in a pre-pack administration sale for £5m, preserving all 400 jobs. Administrators confirmed HMRC’s winding-up petition filed in March 2025 prompted the insolvency process, with the buyer’s identity remaining undisclosed. Restaurants face sector-wide pressures, including rising operational costs and shifting consumer habits, as contributing factors. Meanwhile, a separate £5.4m debt investigation reportedly continues into another D’Acampo-linked entity, IRG (OLD) WWR Ltd, focusing on missing financial records and stakeholder conduct.
Unpaid Tax – HMRC Petition
- Debt Context: Upmarket Leisure’s 2023 filings revealed nearly £5.8m owed to creditors, with HMRC emerging as a key claimant.
- Corporate Structure: D’Acampo resigned as director in 2021, and the firm rebranded from Gino D’Acampo Hotels and Leisure in 2023.
- Ultimate Controller: Well-known businessman Peter Alan Cowgill (former JD Sports executive chairman and Cowgill Holloway’s eponymous Senior Accountant).
- Operational Challenges: Rising labour costs, supply chain inflation, and reduced footfall post-pandemic have strained profitability.
- D’Acampo Controversy: International hotel group Meliá, has at least four UK restaurants linked with Italian TV personality D’Acampo, was reportedly “closely monitoring” media reported allegations against him and taking them ver seriously.
Key Legal Implications
A winding-up petition signals severe financial distress, allowing creditors to seek compulsory liquidation if debts remain unresolved. In this case, Upmarket Leisure’s administration and subsequent pre-pack sale mitigated total collapse, though unsecured creditors face uncertain recoveries and are likely to remain unpaid.
A HMRC winding-up petition order indicates a company’s inability to settle normal tax debts. The legal action initiates compulsory liquidation proceedings, where the court assesses insolvency and may issue a winding-up order. Key stages include:
- Petition filing: Creditors (often HMRC, as seen here) submit a WUP after a 21-day statutory demand period.
- Gazette advertisement: After seven days, the petition is publicly listed, freezing bank accounts and halting trading.
- Court hearing: A judge evaluates solvency; if confirmed, a winding-up order appoints an Official Receiver to liquidate assets.
In Upmarket Leisure’s case, the pre-pack administration allowed a swift asset sale to a buyer before formal insolvency, preserving jobs but prioritising secured creditors. However, unsecured creditors-such as suppliers, contractors, and sometimes HMRC face minimal recovery prospects, as proceeds from asset sales are allocated first to secured debts. This reflects a common industry trend where pre-packs rescue operational continuity but leave unsecured parties bearing losses.
Broader Group Troubles
The petition coincides with a liquidators’ probe into IRG (OLD) WWR Ltd (formerly Gino D’Acampo Worldwide Restaurants), which collapsed in 2023 with £5.4m debt. Investigators are scrutinising missing documents and undisclosed liabilities to D’Acampo, who retained a 10% stake. The hospitality industry continues to grapple with post-pandemic recovery, with 2023 seeing 1,641 UK restaurant closures. Upmarket Leisure’s case underscores the vulnerability of celebrity-backed ventures to macroeconomic shifts.
FAQ: Understanding Key Legal Concepts
Seek professional legal advice:
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