J.& J.Ashcroft Limited (00329080): administration
- Status
- Administration ended
- Administration began
- 2021-11-24
- Administrators' firm
- FRP Advisory
- Incorporated
- 1937-06-23
- Location
- Preston
- Industry
- 46730 Wholesale of wood, construction materials and sanitary equipment
Why it went into administration
- COVID-19
- Energy costs
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company was incorporated in 1937 and originally operated as a stone merchant and haulier (‘stone division’), servicing the construction and civil engineering industry, before latterly diversifying to include the sale of tools, fixings and fasteners (“fasteners division”). The Company has previously traded from premises in Longton and Chorley before more recently moving to leasehold premises at James House, Centurion Way, Leyland. The current board of directors is made up of James and Joanne Ashcroft (‘the directors”), who were the grandson and grand-daughter-in-law of the Company's founders. Prior to the cessation of trade, the Company employed 13 staff.
The Company traded successfully for a significant number of years, recording profits year on year and initially received funding from Royal Bank of Scotland plc CRBS”), which was secured by way of a fixed and floating charge dated 21 February 1991. |
In 2001, the Company refinanced its existing borrowings, replacing RBS with the Yorkshire Bank plc, who provided both a confidential invoice discounting facility and
Administrators' statement of proposals (2022-01-14) · Companies House register