C.W.Peach,Chemists Limited (00367995): administration
- Status
- Administration ended
- Administration began
- 2018-09-14
- Administrators
- Paul Dounis, Gareth Harris
- Administrators' firm
- RSM
- Incorporated
- 1941-07-06
- Location
- Leeds
- Industry
- 47730 Dispensing chemist in specialised stores
Why it went into administration
- Rising costs / inflation
- Funding withdrawn / unable to refinance
From the administrators' statement
C.W.Peach, Chemists Limited (“the Company”) was incorporated in 1941 to operate a pharmacy in Huddersfield. The Company was acquired by James Fowler Pharmacy Limited in 2008. At the date of appointment, the Company had 6 employees including a superintendent pharmacist who is also a director of the Company.
Clydesdale Bank Plc (“the Bank”) provided funding in June 2010 by way of an overdraft facility secured by a floating charge over all assets and undertakings of the Company. In 2016, the current debt structure became unmanageable due to rising costs along with significant drawings made by members. The debt was split across overdraft and term loans. The directors asked the Bank to consider a possible restructure of the existing bank facility. The Bank agreed with the directors to complete a consensual sale of the pharmacy and a refinance package was not provided.
The Bank’s liability is cross guaranteed by the Company's parent company, James Fowler Pharmacy Limited (“JFP”).
Administrators' statement of proposals (2018-11-26) · Companies House register