Rand Rocket Limited (02086506): administration
- Status
- Administration ended
- Administration began
- 2024-01-09
- Administrators
- Martyn James Pullin, David Antony Willis
- Administrators' firm
- FRP Advisory
- Formerly
- Fables Limited
- Incorporated
- 1986-12-31
- Location
- Stockton on Tees
- Industry
- 46460 Wholesale of pharmaceutical goods
Why it went into administration
- COVID-19
- Supply chain disruption
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
From the administrators' statement
Incorporated in 1982, the Company operated as a distributor of own brand and third-party brand salon supplies to wholesalers within the UK employing 10 staff. The Company was the sole UK distributor for a German premium scissors and sundry supplies brand and main supplier for UK nail gel brand.
COVID significantly impacted the Company’s trading activities and relied on all COVID support schemes to support its recovery. The Company secured a CBILS loan with Lloyds Bank totalling £90k in May 2020 with the Company also refinancing its existing term loan and overdraft with Lloyds Bank into a new £100k term loan subject to PGs provided by the Board.
Trading from leasehold premises (owned by the directors’ pension scheme), a broadly break-even year for FYE 31 March 2023 on turnover of c.£1.35mn, has been followed by a significant fall in turnover in the current with monthly losses to date totalling c.£31k.
Administrators' statement of proposals (2024-02-02) · Companies House register