SPINNAKER LIMITED

🌳Matureactive
03289488 · ltd · incorporated 1996-12-09
Investment thesis
Well-run mature business — low negotiation leverage; premium likely.
Why interesting: Textbook target; clean filings, stable trading.
Why risky: No pressure on seller; any deal likely at full price.
Opportunity decay
hardening · 12-months
Already tight — no obvious softening catalysts on the horizon.
  • · Thesis: well-run, low negotiation leverage
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Oct 2025
Net worth
—
book net assets
Opportunity
79/100
Strong
🔔
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What this business does
Primary activity: Unlicenced restaurants and cafes
Sector: Accommodation & food service
Investor take
Pursue
Active trading company with a 82-year-old founder — textbook succession opportunity.

Opportunity 79/100 (strong), bankability 67/100. Strong seller-intent signal (63/100, director aged 82). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 6 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

10 live charges · 6 lenders · oldest 28.3y

35/100
too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

  • · Oldest live charge is 28.3 years old — likely at or near maturity.
  • · 6 lenders named — inter-creditor friction likely.
  • · Legal-friction score 40/100 — workable, but lender will want more DD.

Data confidence

Overall: high (82/100)

Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.

Company profile
address, 1 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
10 charges (10/10 with lender, 10/10 with type)
90
Directors & officers
5 officers (4 active, 5 linked, 3 with DOB)
82
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
11 connected companies via shared directors
78
Filing history
100 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
79/100Strong
PassWatchWorth a lookStrongExceptional 

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
£0£0£0£0£0£0Oct 2024Oct 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-10-312024-10-31
Average employees900900

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

1 signal detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days
0
filings
Last 90 days
0
filings
Last 180 days
1
filing
  • • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (40 events)Click to expand
  1. 2026-01-14
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  2. 2025-09-17
    📄
    change-person-director-company-with-change-date
    officers · CH01
  3. 2025-04-09
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  4. 2025-02-10
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  5. 2024-02-23
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  6. 2023-02-13
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  7. 2022-03-15
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  8. 2021-11-16
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  9. 2021-11-04
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  10. 2021-10-21
    ➕
    HEARTH, Kay Adelle appointed
    director
  11. 2021-02-23
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  12. 2020-04-15
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  13. 2020-04-14
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  14. 2020-04-14
    🔒
    Charge registered #10
    Lender: Hsbc UK Bank PLC
  15. 2020-02-17
    📄
    change-person-secretary-company-with-change-date
    officers · CH03
  16. 2019-04-30
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  17. 2019-04-30
    🔓
    Charge satisfied #7
  18. 2019-03-29
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  19. 2019-02-18
    📄
    change-person-director-company-with-change-date
    officers · CH01
  20. 2018-01-17
    🔒
    Charge registered #9
    Lender: Barclays Bank PLC
  21. 2018-01-12
    🔓
    Charge satisfied #5
  22. 2017-11-27
    🔒
    Charge registered #8
    Lender: Barclays Bank PLC
  23. 2016-01-20
    🔒
    Charge registered #7
    Lender: Gwynedd Council
  24. 2005-07-16
    🔓
    Charge satisfied #6
  25. 2005-03-12
    🔓
    Charge satisfied #3
  26. 2005-02-25
    🔒
    Charge registered #6
    Lender: National Westminster Bank PLC
  27. 2005-02-10
    🔓
    Charge satisfied #4
  28. 2002-05-03
    🔒
    Charge registered #5
    Lender: The Royal Bank of Scotland International Limited
  29. 1999-07-02
    🔒
    Charge registered #4
    Lender: National Westminster Bank PLC
  30. 1999-05-29
    🔓
    Charge satisfied #2
  31. 1999-05-29
    🔓
    Charge satisfied #1
  32. 1999-02-08
    🔒
    Charge registered #3
    Lender: National Westminster Bank PLC
  33. 1998-03-16
    🔒
    Charge registered #2
    Lender: Midland Bank PLC
  34. 1998-03-16
    🔒
    Charge registered #1
    Lender: Midland Bank PLC
  35. 1996-12-09
    🏢
    Company incorporated
    As SPINNAKER LIMITED
  36. 1996-12-09
    ➕
    HEARTH, Norma Lillian appointed
    secretary
  37. 1996-12-09
    ➕
    HEARTH, Martin Peter appointed
    director
  38. 1996-12-09
    ➕
    HEARTH, Rodney appointed
    director
  39. 1996-12-09
    ➕
    SWIFT INCORPORATIONS LIMITED appointed
    corporate-nominee-secretary
  40. 1996-12-09
    ➖
    SWIFT INCORPORATIONS LIMITED resigned
    corporate-nominee-secretary

Owner dependency

83/100
Critical — business is the founder

The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.

FACTORS
  • +Long-tenure founder: Senior director has been in place 30 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 82 — succession pressure is live.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

90/100
Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS
  • primaryFounder aged 70+: Senior director is approximately 82 years old. Natural succession window is now.
  • primary20+ year tenure: Director in role 30 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 30 years old and no new directors in the last 3 years — succession not yet being planned internally.
  • supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

1 med ·
Charge satisfaction-then-recreation pattern
medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Shareholders & ownership

2 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mr Rodney Hearth
Individual · British · DOB 04/1944 · age 82
25–50%
—25-50% shares09/12/2016
Mrs Norma Lillian Hearth
Individual · British · DOB 04/1943 · age 83
25–50%
—25-50% shares09/12/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

8 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →
🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive
Typeltd
Incorporated1996-12-09
Jurisdictionengland-wales
Primary SIC56102 — Unlicenced restaurants and cafes

Registered office

247 Bury Old Road
Prestwich
Manchester
M25 1JE
England

Filing status

Accounts
Next due: 2027-07-31
Last made up to: 2025-10-31
Confirmation statement
Next due: 2027-04-07
Last: 2026-03-24

Officers (4 active · 1 resigned)

HEARTH, Norma Lillian→
secretary · appointed 1996-12-09
View their other companies + combined net worth →
Active
HEARTH, Kay Adelle→
director · ~59y · appointed 2021-10-21
View their other companies + combined net worth →
Active
HEARTH, Martin Peter→
director · ~58y · appointed 1996-12-09
View their other companies + combined net worth →
Active
HEARTH, Rodney→
director · ~82y · appointed 1996-12-09
View their other companies + combined net worth →
Active
SWIFT INCORPORATIONS LIMITED→
corporate-nominee-secretary · appointed 1996-12-09 · resigned 1996-12-09
Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

10
Total charges
3
Outstanding
2
Active lenders
Status:Lender:10 of 10 shown
TypeProperties
outstanding
HSBC
Hsbc UK Bank PLC
A registered charge1 property14/04/2020—
outstanding
Barclays
Barclays Bank PLC
A registered charge1 property17/01/2018—
outstanding
Barclays
Barclays Bank PLC
A registered charge—27/11/2017—
satisfied
Gwynedd Council
A registered charge1 property20/01/201630/04/2019
satisfied
National Westminster Bank
National Westminster Bank PLC
Legal charge1 property25/02/200516/07/2005
satisfied
Lloyds Banking Group
The Royal Bank of Scotland International Limited
Charge over shares1 property03/05/200212/01/2018
satisfied
National Westminster Bank
National Westminster Bank PLC
Legal mortgage1 property02/07/199910/02/2005
satisfied
National Westminster Bank
National Westminster Bank PLC
Legal mortgage1 property08/02/199912/03/2005
satisfied
Midland Bank
Midland Bank PLC
Legal mortgage1 property16/03/199829/05/1999
satisfied
Midland Bank
Midland Bank PLC
Legal mortgage1 property16/03/199829/05/1999
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (100 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-03-25
accounts-with-accounts-type-micro-entity
accounts · AA
2026-01-14
change-person-director-company-with-change-date
officers · CH01
2025-09-17
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-04-09
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-03-24
accounts-with-accounts-type-micro-entity
accounts · AA
2025-02-10
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-03-25
accounts-with-accounts-type-micro-entity
accounts · AA
2024-02-23
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-03-24
accounts-with-accounts-type-micro-entity
accounts · AA
2023-02-13
confirmation-statement-with-updates
confirmation-statement · CS01
2022-03-31
accounts-with-accounts-type-micro-entity
accounts · AA
2022-03-15
appoint-person-director-company-with-name-date
officers · AP01
2021-11-16
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2021-11-04
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-03-24