Draft accounts of CFEC Ltd, the company behind Owens in Robertson Street, which filed for insolvency in August this year, have been published via Companies House.
The information, published on Tuesday (October 22), was prepared by joint administrators Nicholas Simmonds and Chris Newell in the form of a Statement of Proposals to creditors.
It shows that the unsecured losses amount to a total of £5,610,528.
Lubov Chernukhin, a former investment banker who co-financed the attraction, is still listed as an active director of CFEC Ltd.
The other director listed as active is Gregor Macrae.
In the statement published this week by the administrators, it shows Mr Macrae as a creditor, who is owed £333,843.23. According to the report, Mrs Chernukhin is shown to be owed £4,106,324.02.
In a narrative summary, the administrators report that the venture’s budget went up to £2.25m, up from an initial £1.5m during refurbishment and building work ahead of the attraction opening.
The report said: “Losses were made from the outset. Mrs Chernukhin continued to fund every month until the company closed the centre in September 2023, and all staff were laid off except for two employees to oversee the premises.
“It seemed that whatever path the company could take, it would be impossible to break even, let alone make a profit.”
The report added that the company was ‘over budget’ when it opened, with some of the building work ‘not yet completed’.
The games arcade was recently boarded up at the front and back of the building following the company going into administration.
Owens opened at the former Debenhams building in Robertson Street in October 2022.
Ahead of its opening, it was awarded £400,000 from the Towns Fund investment after being added to the Hastings Town Deal programme in summer 2022 with the aim of creating 35 new jobs.
The Towns Fund was announced by the Government in 2019 and set up to support an initial 101 places across England to develop a Town Deal proposal for regeneration. A Town Deal is an agreement in principle between the Government, the council and the Town Deal board.
However, in September last year Owens put out a statement saying the attraction was closing ‘due to unforeseen circumstances’.
And at the end of last November, Owens said the venue was expected to remain shut for ‘up to a year’.
Parent company CFEC Ltd issued a statement at the time, saying the 77,000 square foot site would undergo a ‘multi-million pound redevelopment’, which would include ‘hi-tech VR and immersive gaming, a bowling zone, improved golf facilities, a new, separate soft play arena, and a 160-seater seaview restaurant and lounge’.
The former Debenhams building is currently owned by Moxie Management Two Ltd, which bought the site in January 2020.
Moxie said it is looking at a number of potential uses for the property, which are still in the planning stage.
The company said the property will be going to market through Dyer & Hobbis, commercial property agents.

1. IMG_2669.jpeg
The front of OWENS boarded up in Robertson Street Photo: Staff

2. IMG_2671.jpeg
The front of OWENS boarded up in Robertson Street Photo: Staff

3. IMG_2670.jpeg
The front of OWENS boarded up in Robertson Street Photo: Staff

4. The Robertson Terrace entrance to OWENS is boarded up. Photo on September 25 2024.
The Robertson Terrace entrance to OWENS is boarded up. Photo on September 25 2024. Photo: staff