# Arcs Realisations 2016 Limited (01529898)

> Why UK company 01529898 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/01529898

- **Status:** Administration ended
- **Administration began:** 2016-05-05
- **Administrators:** Catherine Williamson, Kevin James Coates, Peter Mark Saville
- **Administrators' firm:** AlixPartners
- **Formerly:** Austin Reed Credit Services Limited
- **Incorporated:** 1980-11-25
- **Location:** Manchester
- **Industry:** 64999 Financial intermediation not elsewhere classified

## Why it went into administration

- Sustained trading losses
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
- Credit insurance / supplier credit withdrawn
- Competition / price pressure

## From the administrators' statement

36 On 16 January 2015, creditors voluntary arrangements (CVAs)} were approved in respect of ARL and CCL (the CVA Companies) The CVAs were proposed following a period of challenging trading conditions encountered by these entities, which resulted from changes in the clothing market, increased competition and economic conditions which reduced disposable incomes

37 An increase In online sales had also had a negative impact on store sales and despite undertaking the closure of certain unprofitable stores, a number of loss-making stores remained

38 The directors therefore made the decision to propose the CVAs with a view to rationalising the CVA Companies’ store portfolios and leasehold obligations as part of an operational restructuring of the wider group (the Group) The CVAs culminated in the closure of approximately 70 stores and allowed the CVA Companies to renegotiate the terms of the leases for certain other stores whilst they continued to trade

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/01529898/filing-history/MzE1MzkxNjM3OGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/01529898

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