Nigel Fredericks Limited (00375784): administration
- Status
- Administration ended
- Administration began
- 2018-09-07
- Administrators
- Zelf Hussain, Rachael Wilkinson
- Administrators' firm
- PwC
- Formerly
- John A. Pike (Butchers) Limited
- Incorporated
- 1942-08-27
- Location
- Leeds
- Industry
- 46320 Wholesale of meat and meat products
Why it went into administration
- Credit insurance / supplier credit withdrawn
- Rising costs / inflation
- Cash flow / liquidity pressure
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 27 August 1942. Its main trading activity was the processing and sale of meat products to restaurants, hotels, caterers and sporting events. The Company had 287 employees (at the time of our appointment) and operated from one site in North London and a second, smaller, distribution site in Mansfield.
As per the audited financial statements for the year ended 31 March 2017, the turnover of the Company was £44.4m. The Company’s revenue grew significantly in FY18, and the unaudited management accounts indicate that revenue reached c. £67m in the twelve months to 31 March 2018.
The Company had invested heavily in capital expenditure, expanding from four manufacturing units to six units during FY17 and investing in new equipment. Much of this expansion was funded by third parties through finance lease agreements which led to high monthly servicing costs and repayments of c. £70k per month.
Administrators' statement of proposals (2018-09-25) · Companies House register