I 2020 Realisations Limited (01026864): administration
- Status
- Administration ended
- Administration began
- 2021-07-30
- Administrators
- Danny Dartnaill, Simon Edward Jex Girling
- Administrators' firm
- BDO
- Formerly
- Intro 2020 Limited; Introphoto Limited
- Incorporated
- 1971-10-11
- Location
- Liverpool
- Industry
- 46499 Wholesale of household goods (other than musical instruments) n.e.c
Why it went into administration
- Sustained trading losses
- COVID-19
- Shift to online / high-street decline
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 11 October 1971 and operated as a UK based importer and distributor of high end photographic equipment (camera lenses, filters and camera accessories). It had 16 exclusive distribution agreements with manufacturers to service the UK and Irish Markets, servicing over 100 customers including several blue chip, traditional, online and marketplace retailers.
The Company suffered long term decline in turnover due to increasing online competition and DSLR cameras becoming more ‘niche’ due to the advancement of mobile phone cameras. Turnover around 10 years ago was c£20m, but this had fallen to c£13m prior to the Covid 19 pandemic (‘Covid’). The relationship with the Company’s primary camera lens supplier also ended in November 2019 leading to an immediate c35% fall in sales.
Whilst the Company started to recover its turnover by focussing on Samyang as its new primary camera lens brand with some success, Covid led to significant supply and distribution disruption further reducing sales and impacting cash flow.
Administrators' statement of proposals (2021-08-26) · Companies House register