Hollander Hyams Limited (00396137): administration
- Status
- Administration ended
- Administration began
- 2020-02-18
- Administrators
- Martha Hanora Thompson, Sarah Megan Rayment
- Administrators' firm
- BDO
- Incorporated
- 1945-06-12
- Location
- Liverpool
- Industry
- 46240 Wholesale of hides, skins and leather
Why it went into administration
- COVID-19
- Supply chain disruption
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 12 June 1945. Prior to the Administration its business was the processing and wholesale of animal skins and hides.
As at the Appointment Date the Company operated out of two processing facilities in Sheffield and Bridgnorth and had it main offices located in London. The Company owns the freehold title to those three properties (‘the Properties’}. The Company also occupied a unit located at Syde, Gloucestershire on an informal rental basis but had effectively ceased operations from that site and the Company did not occupy that site at the Appointment Date.
In the years prior to the Administration there had been a steady decline in the European market for animal derived products which resulted in the Company’s customer base migrating east to the Indian sub-continent and China. This exposed the Company to increased competition from eastern competitors which, together with increased shipping costs, drove down the Company’s profit margin. Having considered the Company’s finances, the directors caused the Company to place the London property on the market for sale in order to release the capital in that property. Heads of terms were agreed with a prospective buyer but the sale stalled due to complications arising in respect of the long residential leases that form part of the freehold.
Administrators' statement of proposals (2020-04-25) · Companies House register