From the administrators' statement

21 The Company was tncorporated in 1976 as a retailer and distributer of women’s occasion wear and {ts 100% shareholder is Bedford Acquisition Limited.

2.2 The Company granted fixed and floating charges to Barclays Bank PLC (Barclays) on 9 August 2011 and to Darwin Private Equity | LP (Darwin) on 23 February 2012. The Registrar of Compantes atso indicates that there are charges granted to National Westminster Bank Limited (Natwest) dated 16 January 1980, however, the Joint Administrators have received confirmation from Natwest that these charges have been satisfied

23 In late 2011 the Company began to experience cash flow problems due to the economic downturn and difficult retail trading conditions Significant cash flow pressure built up within the business, with increasing sums becoming overdue to the Company’s key supplters

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FWM Realisations Limited (01273590)

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