BSCL Realisations Limited (02240475): administration
- Status
- In administration
- Administration began
- 2019-06-26
- Administrators
- Antony David Nygate, Lee Causer
- Administrators' firm
- BDO
- Formerly
- Bathstore.Com Limited; Bathrooms Direct PLC; Power Group PLC; Investors In Management PLC
- Incorporated
- 1988-04-06
- Location
- Liverpool
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 6 April 1988. It supplied bathrooms products and provided installation services to both the public and trade, and operated from 135 leasehold stores across the UK. Its leasehold head office was based in Welwyn Garden City. The Company also had 20 franchisees operating as unrelated separate legal entities in terms of management, operations and funding.
The Company is a wholly owned subsidiary of Bathstore Group Limited (‘Group’) which is owned by Bathstore Holdings LLC (‘Holdings’). Holdings acquired the business in 2014 and Holdings’ ultimate shareholder is the Stephens family (‘Stephens’). Holdings provided the funding for Group and the Company and since 2014 Holdings has provided over £65m in terms of debt funding.
The Company experienced difficult trading during 2017 and 2018 with the audited accounts for the year ending 31 July 2017 showing a loss before tax of £29m. Management accounts for the year ending 31 July 2018 shows a loss before tax of £19.9m, primarily due to a 19% fall in annual turnover.
Administrators' statement of proposals (2019-09-02) · Companies House register