Knitmesh House Limited (01309094): administration
- Status
- Administration ended
- Administration began
- 2017-05-12
- Administrators
- Conrad Alexander Pearson, Patrick Alexander Lannagan
- Administrators' firm
- Mazars
- Incorporated
- 1977-04-18
- Location
- Manchester
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Pension deficit
- Competition / price pressure
From the administrators' statement
The outcome of the pension review by independent pension advisors was delivered in January 2017. This confirmed that the Group was unlikely to be able to continue to fund the ongoing cost of the pension contributions, levies and expenses and contribute to the deficit based on its performance in current trading conditions in the medium to long term.
In recent years the Group had spent circa £4m in defending legal claims by Bodum as described above, and the funds spent on these legal cases have substantially been introduced by Louis James de Viel Castel. Whilst the Group had been successful in defending these claims, in December 2016 at The Upper Hanseatic Hamburg State Court in Germany, the earlier ruling (in favour of the Group) of the Hamburg State Court of August 2014 was over-ruled on appeal. The Directors were now mindful of the claims against the certain companies this could lead to, including but not necessarily limited to:
• Claims by Bodum for unfair competition / breach of copyright; and
Administrators' statement of proposals (2017-06-20) · Companies House register