Univel Limited (01991090): administration
- Status
- Administration ended
- Administration began
- 2016-12-23
- Administrators' firm
- FRP Advisory
- Incorporated
- 1986-02-19
- Location
- Brighton
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
In 2016, it became apparent that the Company had been invoicing against work In progress and was drawing down against the invoices. A large proportion of the factored ledger was disallowed significantly diminishing the fevel of any further drawdowns available and having a critical effect on cash flow
Despite positive management accounts to month 6, the cash flow pressure created a rapid unauthorised overdraft position as a result of the following contributory factors:
* 3 customers lost in quick succession to a competitor;
Administrators' statement of proposals (2017-02-09) · Companies House register