Stan Chem International Limited (01336946): administration
- Status
- Administration ended
- Administration began
- 2021-02-03
- Administrators
- Benjamin John Wiles, Matthew Ingram
- Administrators' firm
- Kroll
- Incorporated
- 1977-11-02
- Location
- London
- Industry
- 46750 Wholesale of chemical products
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
- Parent or group failure
- Competition / price pressure
From the administrators' statement
Following acquisition of the Hampshire Cosmetics business from the Administrators of Solab Group Limited in June 2019, there was a protracted consolidation of the Company’s Inovia division from its previous Kings Cliffe site into the (formerly Hampshire Cosmetics) Waterlooville site. This led to integration issues, resulting in significant exceptional / restructuring costs in both 2019 and 2020, adversely impacting cash and profitability.
Despite a refinancing of the Group during 2020, the Company became insolvent on a cash flow basis due to significant ongoing trading losses, which increased the creditor stretch and cash flow pressure.
Further details can be found at Section 4.
Administrators' statement of proposals (2021-03-10) · Companies House register