Godfrey - Syrett Limited (00751094): administration
- Status
- Administration ended
- Administration began
- 2019-01-08
- Administrators
- James Ronald Lumb, Howard Smith
- Administrators' firm
- KPMG
- Incorporated
- 1963-02-22
- Location
- Newcastle upon Tyne
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
Despite growing turnover, the Company has struggled with profitability having incurred losses in years ending December 2016 and 2017.
New management joined the business in 2016 and commenced the implementation of a turnaround plan.
In June 2018, having experienced lower sales than anticipated and facing working capital pressure, the Company approached KPMG to perform a cash flow and trading forecast review and thereafter to assist in refinancing and/or selling the business as a going concern through an early options process.
Administrators' statement of proposals (2019-04-08) · Companies House register