Henry Mills Limited (00135323): administration
- Status
- Administration ended
- Administration began
- 2013-12-04
- Incorporated
- 1914-04-21
- Location
- Birmingham
- Industry
- 18140 Binding and related services
Why it went into administration
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
|. M D Hardy was introduced to Andrew Lawrence, a Director of the Company on 30 October 2013 Mr Lawrence was referred to me by the Accountants of the Company, Trafalgars, following a period of declining fortunes for the business The Company's turnover dropped from £479,647 for the year ended 30 April 2012 to £396,667 in 2013 The Company operates as book binders and it is both a very competitive marketplace and suffers from foreign competition
At the time of the meeting Mr Lawrence confirmed that the staff had already been put on short time as work and turnover continued to decline and the Company had reached the point in which it was reaching tts overdraft tmit The Company was incorporated in 1914 and has been operating for many years (since 1855) and as is common in these situations has a fong standing and loyal workforce Therefore, it had a very large potential redundancy cost and pay tn feu lability so was feft with a difficult situation in terms of tts ability to reduce tts workforce
Creditors’ Voluntary Liquidation - Originally my recommendation was that the Company consider a Creditors’ Voluntary Liquidation in order to appoint a Liquidator A further meeting was held with Directors Andrew and Philip Lawrence on the 18 November 2013, tn which it became clear that Philip Lawrence did not agree that the Company should cease trading as he believed the Company could continue to trade Philip Lawrence holds 30% of the shares of the Company and therefore the appointment of a Liquidator could not proceed without his agreement
Administrators' statement of proposals (2014-01-24) · Companies House register