A.C. Wellard & Partners Limited (02467256): administration
- Status
- Administration ended
- Administration began
- 2015-06-23
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1990-02-06
- Location
- Ilford
- Industry
- 46310 Wholesale of fruit and vegetables
Why it went into administration
- Loss-making contracts / project overruns
From the administrators' statement
The company was incorporated in June 1990 and had traded for a number of years successfully Prior to entering Administration the company traded from three locations supplying fruit and vegetables to a number of customers who were “blue chip” customers Further information ts set out in the statutory information at Schedule 1 of this report
Goods were supplied to customers under a fixed price contract whilst the price of goods in the wholesale market could vary enormously Providing quotes therefore involved an element of guess work as to future movements and seasonal variations in the wholesale price The directors due to their experience of the market were able to make appropriate estimates of the wholesale price of products during the period of a fixed term contract This enabled the company to trade profitably
Unfortunately during 2014 one particular product which the company supplied increased in price dramatically and did not full back to the anticipated levels for a considerable period Due to the fixed price nature of the company’s contracts the company incurred losses
Administrators' statement of proposals (2015-08-26) · Companies House register