H Realisations Limited (00548030): administration
- Status
- Administration ended
- Administration began
- 2011-06-24
- Formerly
- Habitat UK Limited; Habitat Designs Limited; Seaton Thurgur Limited; D.H.Thurgur Limited
- Incorporated
- 1955-04-21
- Location
- Manchester
- Industry
- 5212
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
Whiist losses have been significantly reduced as a result of progress with the turnaround plan, performance improvement was not sufficient to place the business on a viable footing Significant cash flow pressure built within the business, with substantial sums due to a variety of suppliers and normal quarterly rent payments to landlords eventually creating an impasse
The Company had been actively marketed for sale by its owners for some time and it was hoped that a sale of the Company together with its associated European operations could be achieved It became apparent, however, that a single sale of the entire group would not be possible and separate sales were thereafter pursued for the UK and European operations It also became clear that the interest in the UK operations was not in the entire store portfolio, but in the brands and a smalt group of stores only
At this stage the Director took advice on restructuring options for the Company, including insolvency options, and Zolfo Cooper were contacted In this regard in May 2011. The potential purchaser of the business at this stage indicated that they were only prepared to proceed on the basis that the elements of the business they were interested in would be sold through an Administration process
Administrators' statement of proposals (2011-07-28) · Companies House register