THREE THISTLES PLC

⚰️Wound downliquidation

SC306747 · plc · incorporated 2006-08-14

Investment thesis

Company liquidation — not a live target.

Why interesting: Historical record only; useful for precedent research.

Why risky: Not transactable.

Why now

Window steady · low confidence

Stable recent picture — watch for any upcoming trigger event.

Opportunity decay

approaching window · 12-months

Approaching a transaction window — refinance or sale event plausible in the next 12 months.

· Oldest live charge 17.4y old — refinance window within 12 months

What changed my view

Last 30 days

No material changes in the last 30 days.

Last 90 days

No snapshot from 90 days ago — start tracking from today.

Last 180 days

No snapshot from 180 days ago — start tracking from today.

🔒Estimated value

—

Upgrade to see

Turnover

—

year to Sept 2024

Net worth

£3.16M

book net assets

Opportunity

40/100

Watch

🔒Generate AI memo →🔒Outreach pack →🔒Corporate story →📑 Reports →Sign in to watch

What this business does

Primary activity: Public houses and bars

Sector: Accommodation & food service

Investor take

Special-situation opportunity

Distressed hospitality with salvageable qualities — special-situations priority.

Opportunity 40/100 (watch), bankability 30/100. Strong seller-intent signal (73/100, director aged 68). Asset purchase likely safer than share purchase given structural signals. Biggest value-creation lever: File overdue accounts. Clears statutory overdue flag — immediate bankability uplift for refinance conversations. Most likely exit: distressed disposal / insolvency (65/100). Current lenders should be on immediate intervention.

🏦

Refinance opportunity

8 live charges · oldest 17.4y

65/100

clean up first

Refinance viable after a tidy-up — address the highlighted items first.

· Oldest live charge is 17.4 years old — likely at or near maturity.
· Single lender — cleanest path to refinance.
· Legal-friction score 35/100 — workable, but lender will want more DD.

Data confidence

Overall: high (80/100)

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

Lenders & charges

8 charges (8/8 with lender, 8/8 with type)

Directors & officers

13 officers (3 active, 13 linked, 7 with DOB)

Ownership & PSC

1 active PSC(s) of 1 total, 1 with control declared

Director network

4 connected companies via shared directors

Filing history

109 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

40/100Watch

PassWatchWorth a lookStrongExceptional

Not actionable now, but monitor — distressed, succession, or structural changes could flip this into a real opportunity.

Business quality

Concerning — overdue filings or status flags present.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Multiple red flags — proceed with caution.

Signal strength

100

Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared

Positive net assets

Net assets £3,157,951

Net assets shrinking

Down £1,000,673 YoY

Cash YoY

+258%

Year on year

Key financials

2 years extracted from filed iXBRL accounts

Cash

£3.2m

↑ 258% YoY

Net Worth

£3.2m

↓ 24% YoY

Current Assets

£3.2m

↑ 152% YoY

Current Liabilities

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown

Metric	2024-09-28	2023-09-30
Total assets	£3.16M	£5.51M
Current assets	£3.24M	£1.29M
Cash	£3.24M	£905.0k
Debtors	£6.5k	£304.0k
Net assets	£3.16M	£4.16M

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

filings

Last 90 days

filings

Last 180 days

filings

Counts from Companies House filing history.

Corporate timeline (61 events)Click to expand

2025-03-04
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-03-03
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-03-03
📄
resolution
resolution · RESOLUTIONS
2025-02-28
📄
resolution
resolution · RESOLUTIONS
2025-01-17
📄
accounts-with-accounts-type-group
accounts · AA
2024-08-23
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-08-23
🔓
Charge satisfied #1
2024-08-17
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-08-17
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-08-17
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-08-17
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-08-17
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-08-17
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-08-17
🔓
Charge satisfied #8
2024-08-17
🔓
Charge satisfied #6
2024-08-17
🔓
Charge satisfied #5
2024-08-17
🔓
Charge satisfied #4
2024-08-17
🔓
Charge satisfied #3
2024-08-17
🔓
Charge satisfied #2
2024-03-28
📄
accounts-with-accounts-type-group
accounts · AA
2023-03-30
📄
accounts-with-accounts-type-group
accounts · AA
2023-01-30
📄
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC02
2023-01-30
📄
withdrawal-of-a-person-with-significant-control-statement
persons-with-significant-control · PSC09
2022-03-10
📄
resolution
resolution · RESOLUTIONS
2022-03-03
➖
MCGOWN, Kenneth Hugh resigned
director
2022-03-03
📄
accounts-with-accounts-type-group
accounts · AA
2022-03-03
📄
termination-director-company-with-name-termination-date
officers · TM01
2021-10-27
📄
capital-allotment-shares
capital · SH01
2021-04-06
📄
resolution
resolution · RESOLUTIONS
2020-11-02
🔓
Charge satisfied #7
2019-05-01
➕
DAVIDSON CHALMERS STEWART (SECRETARIAL SERVICES) LIMITED appointed
corporate-secretary
2019-05-01
➖
KERGAN STEWART LLP resigned
corporate-secretary
2019-05-01
➕
MCGOWN, Kenneth Hugh appointed
director
2019-01-31
➖
THEAKSTON, Paul Francis resigned
director
2017-05-02
➖
HMS SECRETARIES LIMITED resigned
corporate-secretary
2017-05-02
➕
KERGAN STEWART LLP appointed
corporate-secretary
2016-10-13
➖
STEWART, Alan Geoffrey resigned
director
2016-10-01
➕
LOW, David James St Clair appointed
director
2015-08-03
➕
MCINTYRE, Donald Charles appointed
director
2015-01-22
➕
HMS SECRETARIES LIMITED appointed
corporate-secretary
2015-01-22
➖
TM COMPANY SERVICES LIMITED resigned
corporate-nominee-secretary
2013-09-30
➖
MELDRUM, Angus Alexander resigned
director
2013-08-27
➕
THEAKSTON, Paul Francis appointed
director
2012-09-30
➖
MALLON, Stephen Gerard resigned
director
2010-09-08
🔒
Charge registered #8
Lender: Royal Bank of Scotland PLC
2009-01-23
🔒
Charge registered #7
Lender: Royal Bank of Scotland PLC
2009-01-23
🔒
Charge registered #6
Lender: Royal Bank of Scotland PLC
2009-01-23
🔒
Charge registered #5
Lender: Royal Bank of Scotland PLC
2009-01-23
🔒
Charge registered #4
Lender: Royal Bank of Scotland PLC
2009-01-23
🔒
Charge registered #3
Lender: Royal Bank of Scotland PLC

Showing most recent 50 of 61 events

Owner dependency

73/100

High — earn-out structure required

Material founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.

FACTORS

+Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
+Founder age: Director aged approximately 68 — succession pressure is live.

Succession & seller-readiness

66/100

Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS

primaryFounder aged 63+: Senior director is approximately 68. Approaching typical UK retirement age — succession thinking likely.
secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
secondaryStable-but-static management: Company is 20 years old and no new directors in the last 3 years — succession not yet being planned internally.

Red flags

3 high · 1 med · 1 low

Accounts overdue

high

Statutory accounts have not been filed by their due date. Can indicate admin breakdown, cash preservation, or deliberate delay.

Evidence: Next due: 2026-03-31

Confirmation statement overdue

high

Annual confirmation statement not filed on time. Required statutory filing — overdue is a strong discipline signal.

Evidence: Next due: 2025-09-04

Company in liquidation

high

Company is actively being wound up. Not a going concern.

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.

Multiple registered office changes

low

Multiple address changes in a short period can indicate operational instability or admin disorder.

Group structure

Caledonian Heritable Limited holds 25-50% — a significant corporate investor but not a controlling parent.

🏛️

Caledonian Heritable Limited

Corporate parent · holds 25-50% shares

significant stake

⬇

THREE THISTLES PLC

This company · SC306747

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner

Name	Shares	Voting rights	Nature of control	Notified
Caledonian Heritable Limited Corporate entity	25–50%	25–50%	25-50% shares · 25-50% voting	27/10/2021

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 →

Similar companies

Active · Hospitality · EH postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
THE BONHAM HOTEL EDINBURGH LIMITED→ SC118669 · est 1989	£13.13M £9.85M–£16.41M	—	—	65	36y	83	69y
OMNI TAVERNS LTD.→ SC307655 · est 2006	£2.89M £2.17M–£3.61M	—	—	85	19y	87	60y
ADJUSTLIGHT LIMITED→ SC139599 · est 1992 · no financials extracted	—	—	—	—	33y	83	58y
ARCHERFIELD HOUSE HOTEL MANAGEMENT LIMITED→ SC272735 · est 2004 · no financials extracted	—	—	—	—	21y	83	79y
COURT HOTEL SUITES LIMITED→ SC373209 · est 2010	—	—	£553.1k	—	16y	83	64y
DESTINATION EDINBURGH LIMITED→ SC357298 · est 2009	—	—	£254.5k	—	17y	83	58y
ELITE HOTELS LIMITED→ SC103199 · est 1987	—	—	—	0	39y	83	76y
J J BEAM LIMITED→ SC132477 · est 1991	—	—	—	18	34y	83	74y
MORAG'S LODGES LIMITED→ SC192271 · est 1998 · no financials extracted	—	—	—	—	27y	83	61y
SALTIRE HOSPITALITY LIMITED→ SC208776 · est 2000	—	—	—	83	25y	83	63y
SCOTS GUARDS ASSOCIATION CLUB, LIMITED→ SC013223 · est 1924	—	—	—	6	101y	83	80y
STAY CITY APARTMENTS LTD.→ SC338588 · est 2008 · no financials extracted	—	—	—	—	18y	83	59y

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

12 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

Statusliquidation

Typeplc

Incorporated2006-08-14

Jurisdictionscotland

Primary SIC56302 — Public houses and bars

Registered office

14-18 Hill Street

Edinburgh

EH2 3JZ

Filing status

Accounts

Next due: 2026-03-31OVERDUE

Last made up to: 2024-09-28

Confirmation statement

Next due: 2025-09-04OVERDUE

Last: 2024-08-21

Officers (3 active · 10 resigned)

DAVIDSON CHALMERS STEWART (SECRETARIAL SERVICES) LIMITED→

corporate-secretary · appointed 2019-05-01

View their other companies + combined net worth →

Active

LOW, David James St Clair→

director · ~68y · appointed 2016-10-01

View their other companies + combined net worth →

Active

MCINTYRE, Donald Charles→

director · ~67y · appointed 2015-08-03

View their other companies + combined net worth →

Active

HMS SECRETARIES LIMITED→

corporate-secretary · appointed 2015-01-22 · resigned 2017-05-02

Resigned

KERGAN STEWART LLP→

corporate-secretary · appointed 2017-05-02 · resigned 2019-05-01

Resigned

TM COMPANY SERVICES LIMITED→

corporate-nominee-secretary · appointed 2006-08-14 · resigned 2015-01-22

Resigned

MALLON, Stephen Gerard→

director · ~64y · appointed 2006-10-02 · resigned 2012-09-30

Resigned

MCGOWN, Kenneth Hugh→

director · ~67y · appointed 2019-05-01 · resigned 2022-03-03

Resigned

MELDRUM, Angus Alexander→

director · ~81y · appointed 2006-10-02 · resigned 2013-09-30

Resigned

STEWART, Alan Geoffrey→

director · ~70y · appointed 2006-10-02 · resigned 2016-10-13

Resigned

THEAKSTON, Paul Francis→

director · ~81y · appointed 2013-08-27 · resigned 2019-01-31

Resigned

REYNARD NOMINEES LIMITED→

corporate-nominee-director · appointed 2006-08-14 · resigned 2006-10-02

Resigned

TM COMPANY SERVICES LIMITED→

corporate-nominee-director · appointed 2006-08-14 · resigned 2006-10-02

Resigned

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

Mortgages & charges

Total charges

Outstanding

Active lenders

Status:Lender:8 of 8 shown

		Type	Properties
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	08/09/2010	17/08/2024
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	23/01/2009	02/11/2020
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	23/01/2009	17/08/2024
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	23/01/2009	17/08/2024
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	23/01/2009	17/08/2024
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	23/01/2009	17/08/2024
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	23/01/2009	17/08/2024
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Floating charge	1 property	12/01/2009	23/08/2024

Recent filings (109 total)

change-registered-office-address-company-with-date-old-address-new-address

address · AD01

2025-03-04

change-registered-office-address-company-with-date-old-address-new-address

address · AD01

2025-03-03

resolution

resolution · RESOLUTIONS

2025-03-03

resolution

resolution · RESOLUTIONS

2025-02-28

accounts-with-accounts-type-group

accounts · AA

2025-01-17

confirmation-statement-with-updates

confirmation-statement · CS01

2024-09-06

mortgage-satisfy-charge-full

mortgage · MR04

2024-08-23

mortgage-satisfy-charge-full

mortgage · MR04

2024-08-17

mortgage-satisfy-charge-full

mortgage · MR04

2024-08-17

mortgage-satisfy-charge-full

mortgage · MR04

2024-08-17

mortgage-satisfy-charge-full

mortgage · MR04

2024-08-17

mortgage-satisfy-charge-full

mortgage · MR04

2024-08-17

mortgage-satisfy-charge-full

mortgage · MR04

2024-08-17

accounts-with-accounts-type-group

accounts · AA

2024-03-28

confirmation-statement-with-updates

confirmation-statement · CS01

2023-08-29