Occasions Retailing Limited (02846903): administration
- Status
- Administration ended
- Administration began
- 2017-03-02
- Formerly
- M & P Cards Limited
- Incorporated
- 1993-08-23
- Location
- Southampton
- Industry
- 47190 Other retail sale in non-specialised stores
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
2.1 The Company was incorporated on 23rd of August 1993 and it was set up to operate as a card retailer. The Company expanded over that time to its full capacity operating 16 retail outlets, however, at the time of our appointment there were only 13 outlets that were trading.
2.2 The Company's difficulties appear to have arisen when it expanded from a small number of retail outlets. The Company took on substantial levels of finance, financing most fixtures fittings and equipment within the business. In addition there was also a significant loan from a group entity which was introduced in September 2016. The rental costs the in respect of a number of the new retail outlets were significant and in order to support such costs the Company needed to expand its gift sales however, in the timescale available this is not possible.
2.3 The Company is insolvent on a both on a cash flow and balance sheet basis.
Administrators' statement of proposals (2017-05-08) · Companies House register