Sing FAT Limited (03386421): administration
- Status
- Administration ended
- Administration began
- 2012-06-12
- Administrators
- Dominic Lee Zoong Wong, Matthew James Cowlishaw
- Administrators' firm
- Deloitte
- Formerly
- Singfat Limited; Staplebeech Limited
- Incorporated
- 1997-06-12
- Location
- Birmingham
- Industry
- 5552
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
SFL had traded successfully since it first began trading in 1999 However, its trading performance has suffered in recent years as the local retail market for specialist oriental food stuffs became increasingly competitive The Directors attempted to bolster its retail trading performance by seeking to promote and grow wholesale sales to the local restaurant trade However, this strategy did not generate sufficient revenue to replace that lost due to increased local competition for the retail customers
As a result of the decline in sales SFL suffered cash pressure and, therefore, the Directors attempted to find additional funding which had historically been provided by the Bank and family members Due to SFL’s trading performance further Bank funding was not made available but further support was provided to SFL by way of unsecured loans made by the Directors and their reiatives
Despite this additional funding the level of trading losses and ongoing cash flow issues resulted in SFL being unable to meet tts liabilities as and when they fell due Having sought professional advice the Directors took the necessary steps to effect the appointment of administrators over SFL and a notice of intention to appoint administrators was filed at Court
Administrators' statement of proposals (2012-08-08) · Companies House register