Nerw Pack and Print Limited (01161417): administration
- Status
- Administration ended
- Administration began
- 2013-07-09
- Administrators
- Dominik Thiel Czerwinke, Jamie Taylor
- Administrators' firm
- Begbies Traynor
- Formerly
- Wren Printed Packaging Limited
- Incorporated
- 1974-02-27
- Location
- Southend on Sea
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Property / lease costs
- Loss of a key customer, supplier or contract
- HMRC / tax arrears
- Credit insurance / supplier credit withdrawn
From the administrators' statement
Wren Printed Packaging Limited (‘the Company”) was incorporated on 27" February 1974, specialising in printing and publishing The Company had a steady turnover until the past few years The director states the following as contributing to the insolvency of the Company
The Company struggled to pay creditors and did, as a result, find itself spreading payments out to a minimum over a period of time in the hope that the situation would improve It fell behind with payments due to the Inland Revenue dating back to October 2012, once again struggling to find money available in order to meet its payments when due The Company did, however, manage to agree monthly instalments with HMRC for arrears of VAT in an attempt to keep up with the payments and not fall further into debt
The Company's rent was £131,000 00 per annum, plus rates which totalled £60,000 00 per annum, giving a total of £191,000 per annum The Company believes this to be close to double the cost of rates of similar properties in the surrounding areas The board of directors had a meeting with the property's landlord, and discussed how they were struggling in keeping up with the rent and rates payments, especially as they felt they were paying a premium each year compared to the surrounding properties rent and rates The directors managed to negotiate a reduction with the landlord, and settled on a fixed figure of £95,000 00 per annum This was, however, still more expensive than the average rent of similar properties in the area, which was, on average, £85,000 00 per annum
Administrators' statement of proposals (2013-09-10) · Companies House register