Selby Contract Flooring Limited (03599568): administration
- Status
- Administration ended
- Administration began
- 2024-07-16
- Administrators
- Colin David Wilson, Ian Mcculloch
- Administrators' firm
- Opus Restructuring
- Formerly
- Selby Carpets Limited; Clarendon Sales Limited
- Incorporated
- 1998-07-17
- Location
- Milton Keynes
- Industry
- 46470 Wholesale of furniture, carpets and lighting equipment
Why it went into administration
- COVID-19
- Sustained trading losses
From the administrators' statement
Since the COVID-19 pandemic, the business had to pivot towards more main contractor work as demand from end users dwindled, with people no longer investing in their offices. This shift strained cash flow and required additional staff to manage the workload. By mid-2023 and into Q4 of 2023, the company faced significant cash flow challenges and had to implement numerous redundancies, reducing overheads by 40%.
Since the start of 2024, new orders have been weak compared to previous years. Coupled with ongoing debt repayments from the COVID loans, this situation has resulted in the failure of the limited company.
By March 2024, it had become apparent that the Company required funding above the level available to it by its bank and neither the Company nor its investors were in a position to advance the necessary funding.
Administrators' statement of proposals (2024-07-26) · Companies House register