Automatic Retailing (Scotland) Limited (02508800): administration
- Status
- Administration ended
- Administration began
- 2013-04-29
- Administrators
- Derek Forsyth, David K Hunter
- Administrators' firm
- Azets
- Formerly
- Speed 336 Limited
- Incorporated
- 1990-06-05
- Location
- Manchester
- Industry
- 46360 Wholesale of sugar and chocolate and sugar confectionery
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 5 June 1990, under Company number 02508800 Its principal activity was the supply, maintenance and management of vending machines. At the date of admmustration, the Company traded from premuses at Unit 11 6 Teal
Court, Strathclyde Business Park, Bellshill, ML4 8NN.
The Company had suffered cash flow difficulties for some tme As a consequence of a combination of the level of the Company’s indebtedness to the Clydesdale Bank Plc (“the Bank”) and a reduction in turnover cash flow came increasingly under strain. Mindful of the Company’s financial position and in conjunction with the Bank, the directors sought a purchaser for the business as a going concern during 2012 However, a sale agreement was not concluded and the Company continued to trade
Administrators' statement of proposals (2013-06-27) · Companies House register