Corndell Furniture Company Limited (01123436): administration
- Status
- Administration ended
- Administration began
- 2014-06-24
- Administrators
- Geoffrey Paul Rowley, Jason Daniel Baker
- Administrators' firm
- FRP Advisory
- Formerly
- Sovereign (B.M.) Supplies Limited
- Incorporated
- 1973-07-18
- Location
- London
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Competition / price pressure
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 1976 and was a long established manufacturer, importer and distributor of furniture operating from leasehold premises in Witney, Oxfordshire Its customer base included a number of major high street retailers as well a large number of independent retailers located throughout the United Kingdom
Historically the Company traded profitably however a small loss was encountered In the accounts for the year end 2011 against declining sales as a consequence of the recession Profitability was restored the following year albeit against reduced sales again so the directors identified cost control and business development as a major objective to ensure continued stability
Day to day funding for the Company was provided through an overdraft facility with Lloyds Bank and an invoice discounting facility with Lloyds Bank Commercial Finance (‘LBCF”) Lloyds Bank were secured by a Debenture registered at Companies House on 18 February 2005 and LBCF were secured by a Debenture registered at Companies House on 18 December 2009, a Deed of Priority to LBCF ts in place regarding the debtor ledger.
Administrators' statement of proposals (2014-08-11) · Companies House register