Breaston Chair Frame Company Limited (01773629): administration
- Status
- Administration ended
- Administration began
- 2013-12-23
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 1983-11-29
- Location
- Reading
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 29 November 1983 with a share capital of 100 issued and paid up shares The Company was established to continue the business operated by Stuart Rowe (“SR”) and Stephen Rowe (“SRR”) The business manufactured chair and sofa frames for the furniture industry and was commenced by SR, who was joined by his fellow Director, SRR, in order to develop wood turned products to compliment the frame business The Company entered into a facility with its bankers, the Royal Bank of Scotland Ple (*RBS”) on 5 May 1987, security for the facility was provided by way of a Debenture creating a fixed and floating charge over the Company's assets
The business expanded and moved to the premises at Merlin Way, Quarry Hill Industria! Estate, with the support of RBS in 1989, a legal charge was granted to RBS with a charge over the premises and the plant and machinery of the business. This facilitated the continued growth of the burgeoning business
The share capital was increased to 1,100 fully paid shares on 18 December 1992 of which 836 were apportioned to SR and 264 to SRR The Company continued to expand and in 1997 purchased the land adjacent to the premises it occupied at Merlin Way to allow for this continued expansion. The purchase of the {and and the building of the extended premises were funded by way of a loan to the Company from tts bankers, RBS
Administrators' statement of proposals (2014-02-18) · Companies House register