Osborne Stationers Ltd (00135543): administration
- Status
- Administration ended
- Administration began
- 2013-12-02
- Administrators' firm
- FRP Advisory
- Formerly
- Osborne Office Stationers Ltd; E.C. Osborne Limited
- Incorporated
- 1914-05-01
- Location
- Birmingham
- Industry
- 47620 Retail sale of newspapers and stationery in specialised stores
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company traded as a stationery retailer with 20 leasehold premises spread across the Midlands and South West, employing approximately 140 employees. The Company's head offices along with the warehouse facility are located in Hay Mills, Birmingham, which ts also a leasehold property.
All the stores, with the exception of Newark, Oadby and Harborne, were loss making. Management attempted to renegotiate several of the leases, however, this was not possible for all outlets and coupled with a fall in turnover over the last two years and the potential redundancy costs assocrated with any closure, management had little option other than to seek to restructure the Company.
The Company’s management accounts for the nine months to October 2013 show a year to date loss of £143,831 with a year-end forecast loss predicted to be in the region of £160,000. (Year end 31 January 2013 the loss was £108,253)
Administrators' statement of proposals (2014-01-29) · Companies House register