# Chesney's Limited (01322949)

> Why UK company 01322949 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/01322949

- **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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/01322949/filing-history/MzI3NDkxMjM5MGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/01322949

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.