Belmont Garage Ltd. (00238426): administration
- Status
- Administration ended
- Administration began
- 2019-11-05
- Administrators
- Francis F A Wessely, Christopher Newell
- Administrators' firm
- Quantuma
- Formerly
- Belmont Garage (The) Limited
- Incorporated
- 1929-04-05
- Location
- Maidenhead
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- Sustained trading losses
From the administrators' statement
As stated above the Company had been under financial pressure for a number of months prior to it ceasing to trade.
The costs associated with the business were increasing at the same time that the turnover was decreasing. This rapidly affected the profits of the Company and it began making trading losses.
The financial losses led to the directors injecting a large amount of funds, by taking loans which they have personally guaranteed, in an attempt to keep the Company trading.
Administrators' statement of proposals (2020-01-09) · Companies House register