Reid & Taylor Limited (03320402): administration
- Status
- Administration ended
- Administration began
- 2013-04-19
- Formerly
- Boltcroft Limited
- Incorporated
- 1997-02-18
- Location
- Manchester
- Industry
- 13990 Manufacture of other textiles n.e.c.
Why it went into administration
- Parent or group failure
- Cash flow / liquidity pressure
From the administrators' statement
Reid & Taylor has traded from the site at Langholm, Scotland since 1839 The Company changed ownership on a number of occasions and Reid & Taylor Limited (the ‘Company’) was formed in 1997 when the business was purchased from Allied Textiles Ltd in 1998 The Company manufactured luxurious fabrics to leading fashion houses in the world The history of the Company since it was first established in the 1800’s as a manufacturer of luxury fabrics is well documented in the local area but the exact details of its ownership over the years ts not clear
At sometime after the Company was formed the Trading Style and Registered Trade Marks were transferred to Reid & Taylor Holdings Ltd, a Company registered in the British Virgin Islands
The Company was funded by Reid & Taylor (Holdings) Limited with share capital of £5 milhon The Company traded at a cumulative loss since its formation in the sum of £5 2 million and various restructuring plans and management changes failed to stem these losses The majority of sales were with companies associated with the shareholder and these companies began to slow down their payments The placing of one of these companies HMX based into the USA into Chapter 11 caused cash flow problems for Reid & Taylor Ltd A request for the shareholder to release further funding to the business did not realise any funds, resulting in the Company being placed into Administration
Administrators' statement of proposals (2013-06-11) · Companies House register