TVS Foods (UK) Limited (03450941): administration
- Status
- Administration ended
- Administration began
- 2013-10-11
- Administrators' firm
- Cork Gully
- Incorporated
- 1997-10-16
- Location
- London
- Industry
- 47290 Other retail sale of food in specialised stores
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- Rising interest rates
From the administrators' statement
The Company was incorporated on 16 October 1997 and operated a specialised wholesale food business The Company traded from premises located at Cetec House, Lincoln Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RG (“the Premises”) owned by TVS Enterpnses Limited (“TVS Enterprises”) The director of the Company is also the sole director and 50% shareholder of TVS Enterprises Limited
Rent was paid by the Company to TVS Enterprises set at a level to fund TVS Enterprises’ debt service obligations on the Premises In addition to its purchase loan, TVS Enterprises incurred a lability to its secured lender as regards an interest rate swap facility This increased the costs to the Company to retain the Premises at a time when the business was trading in a difficult market, heavily impacted by recession
The director of the Company first approached Cork Gully LLP in Apnl 2013 following an introduction from its accountants to discuss strategies given the overall financial position it was considered by the director at this time that a restructuring of TVS Enterpnses’ borrowings and resultant reduction in debt service obligations would facilitate a return to profitable trading but the Company's underlying trading performance was unable to achieve this
Administrators' statement of proposals (2013-12-02) · Companies House register