Original Organics Limited (02298841): administration
- Status
- Administration ended
- Administration began
- 2016-01-22
- Administrators
- Michael Robert Fortune, Carl Derek Faulds
- Administrators' firm
- Leonard Curtis
- Formerly
- Polmor Properties Limited
- Incorporated
- 1988-09-22
- Location
- Segensworth Fareham
- Industry
- 22290 Manufacture of other plastic products
Why it went into administration
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Shift to online / high-street decline
- HMRC / tax arrears
From the administrators' statement
Original Organics Limited is a private company which was incorporated in 1988 The principal activity of the company has been providing composting solutions for garden and food waste It initially sold wormeries through magazine adverts but over the past 5 years It has sold composters, waterbutts and ancillary products The company sells to garden centres, local authorities, catalogue companies and direct to the public via several of its websites, one example being www originalorganics co uk
The company started to provide investment into a connected company to develop a new custom made multi website software platform It was hoped that once the software was usable it would not only reduce overhead costs in Original Organics but tt would be highly marketable and would provide a return on Its investment
This funding unfortunately stretched the cashflow of Original Organics to the point where it had built up a large overdraft with the bank, who held the personal guarantee of the director, and was beginning to operate on maximum payment terms with some of its creditors
Administrators' statement of proposals (2016-02-02) · Companies House register