From the administrators' statement

Historically, between the two, the Companies have traded profitability and have maintained a positive balance sheet.

However towards the end of 2016 the Companies began to experience cash flow difficulties and Industrial was unable to pay its VAT return for the quarter ended October 2016 in full. In addition the Companies were under pressure to make payments to the former director who no longer worked in the business and which the Companies could not afford.

Charles Brook, a Licensed insolvency Practitioner and Partner at Poppleton & Appleby was first introduced to the director of the Companies in January 2017 by V&A Vigar Group LLP, accountants and business advisors of Holmfirth, having themselves been introduced to the Companies as potential clients.

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C.I.S. Industrial Limited (02298242)

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