Morecambe Bay Wines and Spirits Co. Limited (02147357): administration
- Status
- Administration ended
- Administration began
- 2013-02-04
- Administrators
- David Robert Acland, Gary Norton Lee, Dean Watson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1987-07-15
- Location
- Manchester
- Industry
- 46342 Wholesale of wine, beer, spirits and other alcoholic beverages
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company is a long established dnnks wholesaler and brewer of own beer The Company traded from leasehold premises in Morecambe, Lancashire and supplied public houses, off licences and other estabkshments in the North West of England The Company employed c70 staff and annual turnover was in the region of £24 million
The Company began to experience financial difficulttes as a consequence of working capital constraints The Company's financial statements indicate strong financial performance but working capital was tight due to Increasing trade debtors and stock This was compounded by the removal of credit from the Company’s largest supptier in August 2012
As a result, the Company expenenced severe creditor pressure and on 31 December 2012 was unable to meet the majonty of direct debit payments due to creditors
Administrators' statement of proposals (2013-04-02) · Companies House register