KUK Realisations 2024 Limited (02291364): administration
- Status
- Administration ended
- Administration began
- 2024-03-27
- Administrators
- Nicholas Holloway, William James Wright
- Administrators' firm
- Interpath Advisory
- Formerly
- Krogab UK Limited; Springleader Beverage Services Limited; Causelot Limited
- Incorporated
- 1988-08-31
- Location
- London
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- COVID-19
- Rising costs / inflation
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company made operating losses of £0.6 million in the 18-month period to 31 December 2021, a marginal profit of £0.1 million in 2022 and a marginal loss of £0.1 million in 2023. The business was disproportionately affected by the Coronavirus pandemic as its customers included hotel chains, universities and leisure centres. The business also faced challenges with inflationary prices and an orange juice shortage, which worsened its liquidity issues.
As noted in the SIP 16 memorandum and above, when negotiations around a solvent sale broke down, Fenno sought repayment of their loan and issued a statutory demand for payment.
Interpath Ltd (‘Interpath’) was introduced to the Company by Wedlake Bell LLP (‘Wedlake Bell’), the lawyers acting for Fenno, in February 2024. Due to the Company’s financial position Interpath was engaged by the Company on 22 February 2024 to assist the Board in exploring wider external investment and funding options available to the Company.
Administrators' statement of proposals (2024-04-20) · Companies House register