Chesney's Limited (01322949): administration
- Status
- Administration ended
- Administration began
- 2020-07-10
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Formerly
- Chesney's Antique Fireplace Warehouse Limited; The Antique Fireplace Warehouse Limited; Buckingham Antiques Limited
- Incorporated
- 1977-07-26
- Location
- London
- Industry
- 47990 Other retail sale not in stores, stalls or markets
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company went into COVID- 19 witha heavily over- leveraged balance sheet, creditors had: been stretched for about a year with the ledger running over £1.4m at the time of our engagement.’ It was not uncommon for a creditor to ring every week and threaten legal action if they were not paid. Moreover, this ‘meant that they were on proforma terms with a number of key suppliers and relationships were getting strained.
DUFE&PHELPS
Additionally, the Company had taken out loans with a number of high net worth individuals to fund the _ Company's working capital. These loans were due for repayment at the end of March 2020 and the
Administrators' statement of proposals (2020-08-10) · Companies House register