CG Realisations 2013 Limited (01422012): administration
- Status
- Administration ended
- Administration began
- 2013-02-13
- Administrators' firm
- Begbies Traynor
- Formerly
- Cloggs (UK) Limited; Libcol Limited
- Incorporated
- 1979-05-22
- Location
- Preston
- Industry
- 47721 Retail sale of footwear in specialised stores
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Competition / price pressure
From the administrators' statement
Creditors of the Company have already been provided with information concerning the pre-packaged sale by correspondence dated 20 February 2013, a copy of which is attached at Appendix 1 for ease of reference and a further summary 1s provided below The following information has been extracted from this letter summansing the Admunistrators involvement pre appointment
The Company !s primarily an online retailer of branded footwear, trading online since 1998 and opening Its flagship store in the Builring Shopping Centre, Birmingham in 2009 The Company stocked over 100 brands and grew to become a multi channel brand, selling in France and Germany through dedicated language sites, as well as having featured stores on both Ebay and Amazon The Company operated from three leasehold premises, 7" Floor, The Charters, 102 New Street, Birmingham, B2 4HQ (Head Office), Unit 23 Gravelly industrial Park, Birmingham, B24 8HZ (Warehouse) and Unit 321 Bull Ring Shopping Centre, Birmingham, B5 4BU (Retail Store) and employed 62 members of staff
The Directors had already identified the need for additional funding In mid 2012 and had approached various finance houses and investors to ratse capital Historically, the Company had produced good results and had secured a strong online presence however, it was apparent that the retail store was not performing as anticipated The high overheads to run the store coupled with the loss of the UGG account had a huge impact on results and working capital In addition, the Company witnessed a number of stores opening In close proximity offering the same brands which increased competition
Administrators' statement of proposals (2013-04-12) · Companies House register