Connection Europe Limited (02971759): administration
- Status
- Administration ended
- Administration began
- 2011-09-29
- Administrators
- William John Kelly, Mark Malone, Mary Ann Currie-Smith
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1994-09-27
- Location
- Leicester
- Industry
- 5142
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
- Competition / price pressure
- Weather / natural events
From the administrators' statement
Connection Europe Limited was incorporated by Sunil Shanghavi in September 1994, its principal activity at the time was the wholesale distribution of garments, fabrics and similar products In the year ended 30 April 2001 turnover was approximately £8 7million and net profit £176k
Recognising the volatile nature of the fabric and garment market, the Company started to invest in property, as a result in 2001 Mr Ranjit Singh Power was appointed as a director due to his experience in this sector In 2002, the Company invested In a joint venture by acquiring a 20% interest in a shopping centre in Leicester
In 2004, the Company expanded its trading activities into raw pharmaceutical ingredients market This involved the Company acting as agent to acquire pharmaceutical ingredients tn India and selling it to the Far East The Company also invested more extensively in properties In the UK, taking out UK bank loans to fund that activity Turnover increased to approximately £10 million in the year ended 30 April 2004 and generated a profit of approximately £510k
Administrators' statement of proposals (2011-11-24) · Companies House register