Lorehope Limited (01711188): administration
- Status
- Administration ended
- Administration began
- 2017-05-23
- Administrators' firm
- Rushtons Insolvency
- Incorporated
- 1983-03-31
- Location
- Shipley
- Industry
- 13100 Preparation and spinning of textile fibres
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
Lorehope Limited (“the Company”) was incorporated on 31 March 1983. The Company saw a market in blending fibre as a niche service to the textile industry. The Company traded well and established itself as one of the key companies offering this service in the North of England.
There had been various changes with Shareholders and disagreements stemmed from historical differences between Shareholders and Directors. The Company found itself slowing down and not focussing on its core business due to Shareholder discontent, on one hand and ongoing litigation on the other. As indicated in my earlier SIP 16 Report, these distractions began to cause the Floating Charge Holder, Senior Management and employees concerns. After 8 weeks of extensive marketing, the Floating Charge Holder felt it had given the Company enough time to resolve matters on its own and appointed me as Administrator on 23" May 2017.
As detailed in my SIP 16 Report (a copy of which is attached to this Report), the sole Director’s Son’s Company submitted an offer for the business and assets and certain liabilities of the Company with the support of his bank in what became a pre-packaged sale.
Administrators' statement of proposals (2017-07-31) · Companies House register