Smallford Supplies Limited (01848183): administration
- Status
- Administration ended
- Administration began
- 2020-04-24
- Administrators
- Nicholas Parsk, Francis F A Wessely
- Administrators' firm
- Quantuma
- Formerly
- Superloo Limited
- Incorporated
- 1984-09-14
- Location
- Maidenhead
- Industry
- 33110 Repair of fabricated metal products
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- Property / lease costs
From the administrators' statement
3.1 For the period 1 April 2019 to January 2020, the Group experienced a poor passage of trade which left the business with cash flow difficulties. Following the COVID 19 — outbreak and the collapse in future trade income, the directors instructed their accountants to prepare cash flow forecasts to consider the outlook for the Group. These cash flows showed the Company had insufficient working capital to continue trading operations and as a result, the directors approached Quantuma for advice on the appropriate steps for the Company.
3.2 On review of the Group's financial position, it was clear that they were insolvent on a cash flow basis as they were soon to be in breach of their current lending arrangements with their bankers and would be unable to pay their.running operational costs, which, for the Group, included employee wages and arrears of rent to the landlord of the leasehold premises. Therefore, in order to preserve the value of the business.and assets as a going concern, the directors agreed that an Administration process was appropriate for the Company and selected other group companies being the parent, Classobtain Holdings Limited, John Anderson Hire Limited and 1 Superiao Limited. :
3.3 The Company, the parent Classobtain Holdings Limited and two group subsidiaries John Anderson Hire Limited and Smaliford Supplies Limited were dependent upon each other to continue trading activities. Therefore an Administration process for.each of these Companies was required in order to achieve the best outcome for creditors through asset realisations. As a result, on 9 April 2020 a Notice of Intention to Appoint Administrators was filed at Court. .
Administrators' statement of proposals (2020-06-24) · Companies House register