Sonex Communications Public Limited Company (03156247): administration
- Status
- Administration ended
- Administration began
- 2011-09-13
- Administrators' firm
- BDO
- Incorporated
- 1996-02-07
- Location
- London
- Industry
- 5245
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 7 February 1996 as an unlisted public limited company The pnmary business of the Company 1s the retail of consumer electronics.
Historically, the Company traded steadily and posted a net profit of £0 7m in its audited accounts for the year to 31 March 2008 However, the Company was adversely affected by the recession on the high street from late 2008 onwards and, within two years, turnover had declined 26 6%, to £23 9m (2008 £32.5m) and gross margin on product sales had fallen by 9.5%, to 19 8% (2008 29 3%) Consequently, the Company posted a net loss in its 2010 accounts of £2.7m
Following its incorporation, the Company sold a range of branded products and traded from retail outlets around the UK under the names Sony Centre, Sound & Vision, and Sonex Presents Sony After the substantial losses of 2009-2010, the Company underwent a programme of restructunng and made attempts to either re-negotiate its lease terms or exit from loss making locations.
Administrators' statement of proposals (2011-11-10) · Companies House register