D.N.C. (Shopfitters) Limited (03048122): administration
- Status
- Administration ended
- Administration began
- 2017-01-30
- Administrators
- John Malcolm Titley, Julien Robert Irving
- Administrators' firm
- Leonard Curtis
- Formerly
- Longframe Limited
- Incorporated
- 1995-04-20
- Location
- Manchester
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
DNC Shopfitters Limited ("The Company” or “DNC”) was established on 20 April 1995 and traded as a feading specialist furniture manufacturer and shop fitting provider in the UK market. DNC operated from two factory units, a 24,000 square foot joinery facility based in Luton, and a speciality metal and glass workshop located in nearby Shefford, Bedfordshire.
The Company's major customer, a large chain of fast food restaurants, accounted for in excess of 90% of work completed, under a general framework agreement signed in 2005 and renewed periodically. DNC, along with other contractors, joined the customers ‘construction board’ which provided DNC with visibility of the annual budget and attendance of the construction board meetings.
In March 2016 due to ill health, the then director/shareholders of DNC, Mr and Mrs Nash put the business up for sale. The HLD Group Ltd (“HLD’) was approached by the advisors of Mr and Mrs Nash with a view to purchasing the shares of the Company. Following due diligence undertaken by an accounting firm acting for HLD, an offer of £10.045M was made by HLD via a special purpose vehicle, DNC Holdings Ltd ("Holdings") and subsequently accepted by Mr and Mrs Nash. This was to be structured as an initial payment of £3.045M on the 8 June 2016 followed by a further initial payment on 21 June 2016 of £1M and a deferred amount of £6.0m, subject to the business achieving certain profit and cash targets,
Administrators' statement of proposals (2017-04-04) · Companies House register