Blue GEM Eyewear Limited (02126632): administration
- Status
- Administration ended
- Administration began
- 2011-10-03
- Administrators' firm
- Mazars
- Formerly
- Blue GEM (Sunglasses) Limited; Bean Limited
- Incorporated
- 1987-04-28
- Location
- London
- Industry
- 5190
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
Apartner from my firm was mutially involved with the Company and first met with the Directors during November 2010 when he was asked by Clydesdale Bank Plc (“the Bank’’) to conduct an independent business review on the Company This report was concluded on 29 November 2010 and Inghlighted a number of key areas but in particular highlighted issues with the financial records, the working capital of the business and the creditor pressure that the business was suffering from
The business continued to suffer from creditor pressure and the working capital constraints meant that the Company was unable to fulfil 1ts advance orders for summer 2012
The Bank contacted me again in August 2011 and I was asked to commence a discreet marketing campaign with the intention of selling the business a going concern Simultaneously, I also commenced contingency planning should a sale not come to fruition
Administrators' statement of proposals (2011-11-29) · Companies House register