Acorn Business Supplies Limited (01752787): administration
- Status
- Administration ended
- Administration began
- 2013-05-02
- Formerly
- Forland Graphics Limited
- Incorporated
- 1983-09-14
- Location
- Droitwich
- Industry
- 46660 Wholesale of other office machinery and equipment
Why it went into administration
- Sustained trading losses
- Creditor pressure / legal action
- Competition / price pressure
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Bad debts / customer insolvency
From the administrators' statement
Acorn Business Supplies Limited operated out of sites at Aylesford, Kent and Loughborough, Leicestershire The Aylesford site dealt with the Office Supplies and Furniture side of the business whilst the Loughborough site was a Printing business The business turned over circa £4 5 million across the two sites
Until September 2011 the company was part of the GB Office Group Limited but was sold at the end of the September 2011 to its existing management lead by Adrian Hensby who became the majority shareholder and Managing Director
At the time of the share sale of Acorn by GB Office Group a non-competition agreement was entered into along with a number of restrictive covenants with the shareholder and director of GB Office Group Limited along with an option agreement that allowed for the business to be purchased back if Acorn was to breach these agreements
Administrators' statement of proposals (2013-07-09) · Companies House register