MZ Realisations 1 Limited (00333459): administration
- Status
- Administration ended
- Administration began
- 2013-06-26
- Administrators' firm
- Deloitte
- Formerly
- Modelzone Limited; Model Aerodrome Limited; Model Aircraft (Bournemouth) Limited
- Incorporated
- 1937-11-08
- Location
- Bristol
- Industry
- 47650 Retail sale of games and toys in specialised stores
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Parent or group failure
- Competition / price pressure
From the administrators' statement
The Group embarked on an expansion of the portfolio between 2007 and 2010, to the current 47 stores A number of the stores subsequently proved to be loss making This underperforming ‘tail’ of legacy stores, combined with the backdrop of challenging trading conditions on the high-street and specific competition from major on-line retailers, resulted tn the Group generating EBITDA losses
LDC supported a management buy-out of the group in 2009
In the year ending 30 June 2012, the Group returned a PBT loss of c £1 7m and for the year to 30 June 2013 a forecast PBT toss of c £1 Om (excluding a one-off gain from the surrender of the lease for the Holborn store)
Administrators' statement of proposals (2013-08-08) · Companies House register