From the administrators' statement

The Company was incorporated on 29 December 1971 and has traded since that date from leasehold premises at Winkleigh, Devon. At the date of the appointment of the administrators the Company employed 77 employees

The Company was funded by its bank, Lloyds TSB Bank plc (“Lloyds”), which provided a loan facility in respect of a small freehold residence at the site together with an overdraft facility It was also provided with an invoice discounting facility by Lloyds TSB Commercial Finance Limited (“LTSBCF”) in respect of Its sales invoices

Following a review of the business by its directors in mid-2011 the directors discovered that the business was experencing cashflow difficultes Additional funding was obtained in order to meet the short-term trading costs and payment plans were set in place with major creditors to reduce creditor pressure

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Forthglade Limited (01036318)

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