Fortune Products Limited (02943421): administration
- Status
- Administration ended
- Administration began
- 2012-02-01
- Administrators
- Anthony David Kent
- Administrators' firm
- Maidment Judd Insolvency
- Formerly
- Firmwell Limited
- Incorporated
- 1994-06-28
- Location
- Hitchin
- Industry
- 9305
Why it went into administration
- Supply chain disruption
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The compeny was incorporated on the 28" June 1994 and commenced trading immediately as manufacturers and distributors of dispensing equipment for the soft drink industry The company’s main customer was Coca Cola The company traded from leasehold premises at The Grange Barns, Hexton, Hitchin, Hertfordshire, SG5 3HX, which are owned personally by the director and the company pays rent of £48,000 per annum The company also utilised a storage facility in Spalding, also owned pers: nally by the director, and the company paid rent of £30,000 per annum
Turnover for the company was approximately £2 5 million per annum, however this was significantly higher in earlier years The company employed 30 members of staff including the directors, prior to any redundancies being made. The company was funded by way of a bank loan and overdraft facility with HSBC Bank Plc of which a total of £174,576 is owed as at the date of my appointment as administrator The bank holds a fixed and floating charge debenture over the company’s assets and a personal guarantee has also been provided by the director
Problems arose iuitially in 2009/2010 when the company’s turnover dropped significantly due to the general economic climate and also as a result of losing some large contracts for the distribution of products for Britvic Professional advice was sought fromm Maidment Judd in March 2011 with regard to the position of the company, however the director took the decision to continue trading as there was the opportunity to secure further work with the development with a new product for Coca Cola, to progress the sheet metal side of the business and also to umplement some cost cutting measures including reducing the hours worked by the company’s staff.
Administrators' statement of proposals (2012-03-26) · Companies House register