Singleton's Dairy Limited (00393664): administration
- Status
- Administration ended
- Administration began
- 2022-08-22
- Administrators' firm
- Kroll
- Incorporated
- 1945-03-03
- Location
- Manchester
- Industry
- 10512 Butter and cheese production
Why it went into administration
- COVID-19
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
During the Company’s many years of trade it became a well-established cheese manufacturer and supplier, enjoying long periods of growth and sustained profitability. However, in 2018 the business lost its distribution rights to a third-party product and this resulted in the Company incurring losses of cE629,000 for the year ended March 2019. This continued to impact the business during 2020 and further losses of c£1,180,000 were incurred to the year ended March 2020.
The impact of COVID 19 created further uncertainty over the Company's future trading outlook. Consequently, the Company engaged Kroll in July 2020 to assist in the preparation of short-term and longterm financial projections.
The Company was able to reduce its losses to c£573,000 during the year to March 2021, largely due to improved working capital management, controlling operating costs and refinancing its invoice finance facility.
Administrators' statement of proposals (2022-10-20) · Companies House register