02467002 Limited (02467002): administration
- Status
- Administration ended
- Administration began
- 2011-09-08
- Administrators' firm
- Begbies Traynor
- Formerly
- Meritreturn Limited
- Incorporated
- 1990-02-05
- Location
- Manchester
- Industry
- 3420
Why it went into administration
- Sustained trading losses
- Weak consumer demand
- Competition / price pressure
From the administrators' statement
The company has traded for some 20 years, manufacturing leisure lodges and park homes The company gained a reputation for producing quality lodges, and in 1996 purchased a 10,000 sq ft production facility at its current location in Porthmadog, Gwynedd As tts order book continued to expand, in 2007 the company purchased a second property on the site at Porthmadog This enabled the company to increase its production capacity from 60 to 100 fodges per year The acquisition of both facilites was funded by loans from Barclays Bank pic However, the expansion in production capacity coincided with a general decline in demand tn the market for lodges The company's anticipated forward order book did not
matenalise, and turnover declined
Although the company maintained its position throughout 2007 and 2008, turnover collapsed in 2009 to less than half as the company faced increasing competition in a declining market Although draft accounts for 2010 indicated an increase in turnover, it was still barely 50% of that achieved in 2008 The company was incurring losses, and had depleted its asset base
Administrators' statement of proposals (2011-12-09) · Companies House register