Floor IT Limited (03461659): administration
- Status
- Administration ended
- Administration began
- 2011-04-11
- Administrators
- William James Wright, Allan Watson Graham
- Administrators' firm
- KPMG
- Incorporated
- 1997-11-06
- Location
- Birmingham
- Industry
- 5153
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
From the administrators' statement
Tyndale Flooring Group Limited was incorporated on 25 September 2000, Becket House Holdings Limited was mcorporated on 21 May 1990 and Floor It Limited was incorporated on 6 November 1997 The Group was the UK's largest national floormg contractor, supplying a wide range of flooring products and services The Group operated from seven sites across the UK, six of which were leasehold sites, the head office is a freehold property in Beckton, London
In recent years the Group has been profitable with profit afte: tax in the consolidated accounts of £467,731 and £141,848 in the year ended June 2009 and 2008 respectively (note these accounts do not imclude Floor It Limited as they are not part of the Corporate Group and do include other Group Compames that have not been placed into administration) In 2010 there was significant growth within the Group, the cumulative effect of turnover growth, reduced gross margins and underlying losses in many divisions resulted in overtrading and a shortage of working capital
KPMG was engaged by the Group and its secured lender on 18 November 2010 to perform an independent busimess review As part of this engagement, KPMG was instructed to review and comment on the Group’s business model, the short-term cash flow forecast and the profit and loss forecast
Administrators' statement of proposals (2011-06-09) · Companies House register