George White Motors Limited (03118626): administration
- Status
- Administration ended
- Administration began
- 2012-01-19
- Administrators' firm
- Deloitte
- Formerly
- George White (UK) Limited; D M N Holdings Limited
- Incorporated
- 1995-10-26
- Location
- Cardiff
- Industry
- 45400 Sale, maintenance and repair of motorcycles and related parts and accessories
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company's principal activity was the sale of new and used motorcycles, together with the sale of motorcycle accessories, clothing and parts, operating from six locations throughout the UK
The Company made a loss of approximately £700,000 during the financial year ended 31 December 2010 and the Directors anticipate that the financial statements for the year ended 31 December 2011 will show a loss of approximately £500,000 The trading outlook for the financial year ending 31 December 2012 remained bleak and the Directors did not anticipate a significant improvement
Given the continued trading losses and the ongoing cash requirements and the imminent breach of the overdraft facility, the Directors took steps to place the Company into Administration
Administrators' statement of proposals (2012-03-27) · Companies House register