Playworks Ltd, owners of Panacea, have announced pre-tax profits for the financial year ending 31st December 2008 despite their Alderley Edge restaurant being burned down in September 2008 only days after opening.
Playworks Ltd achieved a £82,809 pre-tax profit in 2008, compared with £95,184 for the previous year. Turnover was also slightly down at £2,202,777 compared with £2,295,990 in 2007.
The financial report shows that loans for the year included over £1 million owed to Dream Capital Ltd, a company related by the common directorship of Mr Walker, and £50,000 owed to Joe Akka, director of Playworks Ltd.
Pancea Manchester opened on John Dalton Street five years ago and in September 2008 the doors of their second venture in Alderley Edge opened after a reported £3.2 million spend.
Disaster struck after only five days when fire engulfed the building in the early hours of September 17th last year. Initially the owners said they thought the fire had started accidentally, but within the week police were treating the incident as suspicious and revealed that the cause of the blaze was believed to be arson. Nobody has been prosecuted for the attack though.
According to the Financial Statement "The results for the year are in line with the Board's expectations taking in to the account the fire at the newly opened Alderley Edge site."
