Fuller Davies Limited (01762543): administration
- Status
- Administration ended
- Administration began
- 2023-07-05
- Formerly
- Fuller-Davies Limited; Journal Press (Sales) Limited
- Incorporated
- 1983-10-19
- Location
- Manchester
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Parent or group failure
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The company was referred to The Business Debt Advisor in early May 2023. A detailed review of the company’s assets and liabilities was undertaken plus a review of cash flow projections. It was evident that if the company was to try and trade through the current position it needed to achieve monthly turnover in excess of £200k per month to cover outgoings. In addition, it was evident that the majority of the company’s plant and equipment were subject to security and sums owed to secured creditors were materially higher than the value of the equipment. There was also a debt due to the company from the holding company, NSJR Limited, of £265,488 and unless the holding company was able to sell the company’s shares for a premium, there was no chance of this debt being recoverable. This meant that the realisable value of assets was significantly lower than book values and this then further depleted the company’s reserves which according to the draft accounts to September 2022 has reduced by £131,134 to £54,744. The writing off of the holding company debt alone would have left reserves at minus £210,000.
3.6 By late May 2023 it was apparent that the company was not able to continue to trade and meet'’s its liabilities. A short term cash flow was prepared to identify that the company could cover essential expenditure whilst efforts were taken to market the business and assets for sale. Agents, Griffin James attended the company’s premises on the 24 May 2023 to carry out a valuation of the company’s assets. Business for Sale particulars were pulled together jointly with the agents together with a list of potential interested parties. together. A deadline for offers was set for 16 June 2023. Brief particulars on ano name basis were sent to all parties identified on 8 June 2023.
3.7 There was immediate interest from interested parties and requests for additional information on the company’s trading. It became evident that the deadline needed to be extended beyond 16 June 2023 and revised deadline was set for 23 June 2023.
Administrators' statement of proposals (2023-08-19) · Companies House register