C.E. Hudson & SON Limited (00595744): administration
- Status
- Administration ended
- Administration began
- 2012-03-29
- Administrators
- Christopher John Brown, Andrew Johnson Maybery
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1957-12-20
- Location
- Sheffield
- Industry
- 5245
Why it went into administration
- Property / lease costs
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The business began trading in 1906 as musical trade retailers selling phonograph records, pianos, organs and other musical instruments. Then, on 20 December 1957 the business incorporated as C _E. Hudson & Son Limited The Company was initially self funding until monies were loaned from bankers Lloyds Bank ple in 1971 The Company rebanked with National Westminster Bank ple in 1996 and obtained an overdraft facility, which has been personally guaranteed by the director, Keith Hudson, in the sum of £25,000. The funding provided by National Westminster Bank plc was secured by way of a mortgage debenture dated 31 October 1996 created by the Company which contains a fixed and floating charge over the assets of the Company
The Company traded successfully and became one of the last remaining independent retailers of CD, Vinyl and musical instruments in the North of England However, in 2009 turnover reduced dramatically and the Company made small losses in the years to 31 March 2009 and 31 March 2010.
With the mse of music being downloaded from the internet, coupled with the competition from out of town retailers and the general downturn in the economy following the recession, the Company found it increasingly difficult to compete in the shrinking more competitive market.
Administrators' statement of proposals (2012-05-25) · Companies House register