Ibex Interiors Limited (02099985): administration
- Status
- Administration ended
- Administration began
- 2012-06-21
- Administrators' firm
- Deloitte
- Formerly
- JAY DEE Project Management Limited
- Incorporated
- 1987-02-16
- Location
- Bristol
- Industry
- 4521
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- HMRC / tax arrears
- Credit insurance / supplier credit withdrawn
- Parent or group failure
- Competition / price pressure
From the administrators' statement
All three of the Group's trading businesses, Blythewood, Ibex and JDC, were heavily dependent upon the UK construction sector which continued to experience a prolonged downturn in activity The Group had suffered during this difficull trading environment and tts funding requirement increased from c £8m tn March 2011 to c £16m by March 2012 Management states that this was due to increasing pressure on working capital as suppliers demanded shorter credit terms whilst customers delayed payments to the Group.
{n February 2012, Management had instructed Meta to conduct a sales process of Ibex Meta prepared an IM, and a detailed list of potential purchasers which was discussed with Management tn order to finalise a Itst of compantes they would approach with this opportunity Of the presented list, certain interested parties, were not approached intttally due to the sensitive and competitive nature of their relationship with Ibex Those parties who expressed an interest, were required to sign an NDA before the IM was released to them and the deadline by which bids were required was set at Friday 15 June 2012
However, in view of the Group's significantly increased funding requirement, tn March 2012, the Bank engaged Deloitte to undertake a review of the Group's short term cash flow forecasting procedures and to provide an assessment of the Group’s future funding requirement During April, May and early June the Group experienced increasing pressure on Its overdraft facility and was anticipating a further funding requirement to trade to the end of June 2012
Administrators' statement of proposals (2012-08-14) · Companies House register