CPR Realisations Limited (02294875): administration
- Status
- In administration
- Administration began
- 2024-07-22
- Administrators
- Zelf Hussain, Rachael Wilkinson, Peter David Dickens
- Administrators' firm
- PwC
- Formerly
- Carpetright Limited; Carpetright PLC; Carpetright of London Limited; Carpetwise (London) Limited; Hedgerows Limited; Hedgegrows Limited
- Incorporated
- 1988-09-12
- Location
- Leeds
- Industry
- 41100 Development of building projects
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- COVID-19
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Property / lease costs
- Cyber attack / IT failure
From the administrators' statement
The Company was incorporated in 1988 and grew to operate a chain of 273 retail stores across the UK and ROI selling flooring coverings and beds including 19 concessions. The Company’s head office and main warehouse is located in Purfleet, Essex with a further 16 distribution hubs across the UK. At the time of our appointment, the Company had 1,898 employees across the business.
The Company also has five direct subsidiaries, four of which are dormant with the fifth being the holding company of trading entities located in the Netherlands and Belgium. The companies in the Netherlands and Belgium continue as normal.
Following a sustained period of unprofitable trading, in 2018 the Company undertook a Company Voluntary Arrangement (CVA) resulting in the closure of a number of unprofitable stores and in the same year, it also sought to raise additional funds through the issue of new shares. In 2020, the Company and its associated secured debt was acquired by Medior Holdings Limited and delisted from the London Stock Exchange. The CVA formally completed on 6 October 2022.
Administrators' statement of proposals (2024-08-13) · Companies House register