Swift Trimmings Limited (02438333): administration
- Status
- Administration ended
- Administration began
- 2020-07-23
- Administrators
- Yiannis Koumettou, Amie Johnson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1989-10-31
- Location
- London
- Industry
- 46410 Wholesale of textiles
Why it went into administration
- COVID-19
- Brexit
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The Company was incorporated on 31 October 1989 and has, throughout its history, traded as a wholesaler of trimmings to the garment trade. The Company has always been a family run business.
The Company traded from rented premises in Stapleford Abbotts, Essex. The premises consisted of two barns of approximately 10, 000 square feet in total and are occupied on a holding over basis. The Company initially had a rental agreement in place for a period of 6 months for which a licence was entered into, however this was entered into over 19 years ago. Since that time rent has been paid monthly for the two units. In an attempt to mitigate matters the Company downsized in more recent months and continued to operate from one unit. .
The Company had historically traded well however more recently had encountered problems with uncertainty in the market as a result of Brexit, which started to change the nature of the business over the last 3 years. .
Administrators' statement of proposals (2020-10-02) · Companies House register