World Design & Trade Co Limited (01542917): administration
- Status
- Administration ended
- Administration began
- 2012-03-16
- Administrators' firm
- EY
- Formerly
- Sonneti Casuals Limited; World Design & Trade Co Limited; Sonneti Casuals Limited; Deegrove Limited
- Incorporated
- 1981-02-02
- Location
- London
- Industry
- 5142
Why it went into administration
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Group experienced financial constraints since the expansion of its retail operation, opening eight standalone stores and a large number of concessions in larger high street stores dunng recent years.
The financial performance had been in decline for the last few years due to the level of rent payable combined with the downturn in the retail sector. This resulted in most of the stores and concessions being loss making and contributing to the overall losses suffered by the Group since 2009
In order to continue with the normal course of business, the Group was required to place orders for the Autumn/Winter 2012 stock, from its suppliers, before the end of March 2012. For this purpose, it needed to enter into LCs and this, together with the Group's current level of debt with the Bank, resulted in concerns over the future funding of the business and the ability to repay the debt
Administrators' statement of proposals (2012-05-16) · Companies House register