Botes Interiors Limited (02991774): administration
- Status
- Administration ended
- Administration began
- 2015-10-05
- Formerly
- Newco Interiors Limited
- Incorporated
- 1994-11-18
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss-making contracts / project overruns
From the administrators' statement
The company specialised in commercial fit-outs, with some activity in the residential market \t traded profitably unt 2014, in which year it incurred losses of £163,259 The losses were the result of cost overruns on a number contracts and the consequent difficulty in agreeing final accounts
Profitability seemed to be improving in 2015 until the company encountered further difficulties on contracts in Southampton and Cardiff Matters came to a head in mid-September 2015 when the company was asked to start the next phase of the contract in Southampton The directors were concemed that the company would be unable to fund the cost (estimated at over £1 millon) while substantial amounts remained outstanding on this and other contracts
In their view, there was a serious risk that continuing to trade would result in greater losses for the creditors, than an Administration at that point
Administrators' statement of proposals (2016-10-13) · Companies House register