Four Vintners Limited (The) (00551018): administration
- Status
- Administration ended
- Administration began
- 2016-01-15
- Administrators' firm
- Kingston Smith & Partners
- Incorporated
- 1955-06-22
- Location
- London
- Industry
- 46342 Wholesale of wine, beer, spirits and other alcoholic beverages
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
22 Trade was from long standing customers who were located predominantly in South East London, Essex and the surrounding counties 23 The Company Director Mr Anthony Cater attended my offices on 6 January 2016 tn order to
seek insolvency advice Through his accountants, Wilkins Kennedy LLP, he had tried, without success, to sell the business He advised that the Company was struggling to pay its liabilities when they fell due The Company was suffering from cash flow problems which began to impact on stock purchasing, and this began impacting on the profitability of the Company
Mr Cater was of the opinion that due to restrictions on the use of the Head Office and Warehouse, that the Company should be closed immediately and placed into Liquidation After a lengthy discussion, where | outlined how a trading Administration would greatly enhance the stock realisations, that some Jobs could be saved (reducing Company liabilities) and the leases held at various trading sites may be of value, Mr Cater decided that based on the advice given, Administration was a more appropriate tnsolvency route than Liquidation Administration allowed for the immediate continuation of the wholesale business and the continued trade of the 4 off licences This provided the Company with the ability to maximise returns to creditors by trading the off licences with the option to sell these to interested parties Accordingly, my formal letter of advice was sent to the Company on 11 January 2016 and was signed and returned on the 12 January 2016
Administrators' statement of proposals (2016-03-18) · Companies House register