Clearway Distribution Limited (01169915): administration
- Status
- Administration ended
- Administration began
- 2012-01-05
- Administrators' firm
- FRP Advisory
- Formerly
- W. E. Andrew Limited
- Incorporated
- 1974-05-13
- Location
- Narborough
- Industry
- 6024
Why it went into administration
- Sustained trading losses
- Energy costs
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
The business commenced trading under a sole trader in 1947 and was subsequently incorporated tn 1974. The Company provided warehousing and distribution services across the UK from its base in Nottingham.
Graham and Catherine Darnell joined the Company in 2004, Graham as the CEO and Catherine within the accounts department, overseeing all invoicing. In April 2010 the Company took up an Invoice discounting facility with Bibby Financial Services Limited (“Bibby”), which provided the working capital required to trade the Company.
In December 2009 the Company experience financial difficulties due to a reduced turnover and continuingly high fixed costs. The Company sought advice on the opttons available and entered into a CVA, with Andy Appleyard of RSM Tenon as Supervisor.
Administrators' statement of proposals (2012-02-01) · Companies House register