# Winfresh (UK) Limited (02929097)

> Why UK company 02929097 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02929097

- **Status:** Administration ended
- **Administration began:** 2020-07-23
- **Administrators' firm:** Kroll
- **Formerly:** Winfresh Limited; Windward Islands Banana Development & Exporting Company (UK) Limited
- **Incorporated:** 1994-05-16
- **Location:** London
- **Industry:** 46310 Wholesale of fruit and vegetables

## Why it went into administration

- Supply chain disruption
- Loss of a key customer, supplier or contract
- Competition / price pressure
- Cash flow / liquidity pressure
- Loss-making contracts / project overruns
- Sustained trading losses

## From the administrators' statement

‘Despite initially trading successfully for many years, the Company had suffered multiple contract losses in the two years leading up to the Appointment Date. More recently, low margin contracts had been entered into, which negatively impacted the Company’s profit margins, in conjunction with price pressure imposed by supermarkets and an inability to reduce costs within the supply chain due to contractual minimum pricing and the increasing freight and cargo maintenance costs.

The above factors led to a period of trading underperformance which caused the Company to breach the . terms of its banking facilities in February 2020, resulting in cash constraints that ultimately led to the Company’s inability to maintain supply and service to its customers and caused the loss of the Company’s contract with Sainsbury’s which accounted for the majority of the Company’s revenue in the four months to April 2020.

Following an introduction to Duff & Phelps, and after preliminary advice, detailed in full at section 4.1, an accelerated marketing process for the Company and/or the business and assets as a going concern was commenced, as detailed at section 4.2.1. However, given no offers capable of completion were received, and on the basis that no immediate further funding could be secured, the decision was taken to place the Company into Administration. .

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02929097/filing-history/MzI3NzY4OTMwN2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02929097

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.