Zoom.Co.Uk Limited (02029103): administration
- Status
- Administration ended
- Administration began
- 2020-11-30
- Administrators' firm
- Deloitte
- Formerly
- Customlook Limited
- Incorporated
- 1986-06-18
- Location
- Birmingham
- Industry
- 61900 Other telecommunications activities
Why it went into administration
- COVID-19
- Weak consumer demand
- Property / lease costs
- Regulatory change or action
- Competition / price pressure
- Shift to online / high-street decline
- Sustained trading losses
From the administrators' statement
Along with many other UK retailers, the Group had, even prior to the impact of the COVID-19 pandemic, been faced with highly challenging market conditions on the UK high street, which were well publicised. These included the increasing switch from in-store to online shopping and an aggressive discounting environment as retailers competed for customers.
All of these factors put significant pressure on the Group and led to successive years of like-for-like decline in retail sales, including approximately 11% in the financial year 2018/2019 (the last full financial year prior to the COVID-19 pandemic).
In light of the challenging trading environment, the Group took a number of steps to seek to restructure its financial position. The principal such step was to propose CVAs of certain Group property companies with a view to reducing the Group's overall rent bill of £145 million. The CVAs were approved on 12 June 2019 and included the following companies:
Administrators' statement of proposals (2021-02-05) · Companies House register