HJML Realisations 2024 Limited (02870299): administration
- Status
- Administration ended
- Administration began
- 2024-02-23
- Administrators
- Christopher Robert Pole, Ryan Kevin Grant
- Administrators' firm
- Interpath Advisory
- Formerly
- Harvey Jones Manufacturing Limited; North Brink Limited
- Incorporated
- 1993-11-09
- Location
- Birmingham
- Industry
- 31020 Manufacture of kitchen furniture
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
During late FY22, early FY23 it was noted by management that the order book was unreliable due to the high level of cancellations and delays significantly impacting the liquidity and cashflow of the Group. This coupled with a fall in revenue in FY22 compared to FY21 resulted a significant liquidity strain on the business.
Commercial measures were implemented by management to improve cash flow and stabilise the order book including increasing the customer deposit structure in line with industry standards, reducing overheads and manufacturing costs.
However, despite the measures taken, due to a decline in customer demand the Group generated an EBITDA loss of £3.8 million in the FY23 management accounts.
Administrators' statement of proposals (2024-03-12) · Companies House register