Preston Meats Limited (00755239): administration
- Status
- Administration ended
- Administration began
- 2013-10-03
- Administrators
- Kevin Gerald Murphy, Andrew Poxon
- Administrators' firm
- Leonard Curtis
- Incorporated
- 1963-03-27
- Location
- Manchester
- Industry
- 46320 Wholesale of meat and meat products
Why it went into administration
- Competition / price pressure
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
31 The Company was mcorporated in 1963 and traded from leasehold premises in Preston as a meat wholesaler Originally situated in the old Cattle Market in Preston, the business established a reputable family name
32 The Company's trading was mixed and recorded a profit of £37k for the year ending May 2011 and a loss of £56k for the year ending May 2012
33 Although tumover subsequently remained consistent, the Company's gross profit margins reduced due to increased raw matenal costs and increased competition in the marketplace Between January 2013 and August 2013, for example, the purchase pnce for pigs, the Company's sole purchase, increased by 13 pence per kilo, an increase in real terms of 8% The director attnbutes the increase to the ‘horsemeat scandal’ at the turn of the year At the same time, the Company was only able to increase the sale price by 2 pence per kilo, otherwise ts customers would goelsewhere
Administrators' statement of proposals (2013-11-22) · Companies House register