Great Harwood Windows Limited (03035096): administration
- Status
- Administration ended
- Administration began
- 2015-02-26
- Administrators
- Lila Thomas, David Robert Acland
- Administrators' firm
- Begbies Traynor
- Formerly
- GT. Harwood Windows Limited
- Incorporated
- 1995-03-20
- Location
- Preston
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Credit insurance / supplier credit withdrawn
From the administrators' statement
The Company specialises in the sale and manufacture of UPVC windows from its principle trading address at Peter Street, Blackbum, Lancashire, BB1 5LH The Company commenced trading on 20 March 1995 under the Directorship of Mr James Hindle and Mr Howard Jones Mr Ashley Cox and Mr Neil Livesey joined the Company as directors in November 2005 and June 2013 respectively, with Mr Jones resigning in June 2012 The Company ts a wholly owned subsidiary of Goldmaze Limited (“GML”) who are also the landlords of the Company
The reasons for the Company’s insolvency
The Company had been expenencing cash flow difficulties and the findings of a VAT inspection in late 2014, which identified further VAT debt, crystallised the position The Company's primary trade supplier had recently reduced payment terms placing further strain on the cash flow The directors obtained a temporary £30,000 increase on the overdraft facilities provided by the Company's bankers, Royal Bank of Scotland PLC (“RBS”) but further funding was required As a result, the directors sought professional advice and we were asked to attend a meeting with the directors and the Company's accountant on 06 February 2015 Upon review whilst the trading operations didn’t show signs of distress and the order book appeared to be healthy, the Company was struggling to make profits and cash generation was poor On further analysis it was identified that there were limited profit margins in the production and installation of windows and the Company had struggled as a result
Administrators' statement of proposals (2015-04-30) · Companies House register