Ashley Manor Upholstery Limited (02860130): administration
- Status
- In administration
- Administration began
- 2025-09-16
- Administrators
- Colin David Wilson, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Incorporated
- 1993-10-07
- Location
- Milton Keynes
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
Trevor John Binyon first met with directors of TCM Living Ltd (“TCM”), Caroline Dickens and Andy Kennaugh, on 7 July 2025, to discuss the potential options available to TCM and its subsidiaries, including AMU.
The Directors were reminded of their statutory duties under the Insolvency Act 1986, particularly regarding wrongful trading, and were taking steps to minimise potential losses to creditors while monitoring the ongoing funding and the operational position. Both nonstatutory and statutory solutions were considered, including moratoriums, Administration, CVAs, and Liquidation, with formal procedures to be implemented only if required. The recommended approach was for advisors to continue working alongside the UK and Thai Board, providing guidance and monitoring the Group’s financial position through regular meetings, to ensure that any insolvency processes, should they have become necessary, were executed efficiently and with the optimal outcome for both creditors and shareholders.
Following a review of the monthly financial summary provided by the Company, it was evident that AMU had been consistently loss-making over an extended period and represented a significant drain on the Group’s resources. Performance at AMU was considerably weaker than other Group subsidiaries, reinforcing the Company’s negative financial trajectory. Based on the information provided, it appeared unlikely that the Company could continue operating without further increasing its individual net liabilities, while simultaneously diminishing the Group’s overall net asset position. This would have required additional lending from BKB or required further debt restructuring, including extended loan terms with associated interest costs, despite the strong commercial relationship between THoldco and BKB.
Administrators' statement of proposals (2025-10-16) · Companies House register