Tsunami (UK) Limited (03616006): administration
- Status
- Administration ended
- Administration began
- 2012-10-31
- Administrators
- Anne Clare O'Keefe, Fraser James Gray, Simon Wilson
- Administrators' firm
- AlixPartners
- Formerly
- Tsuniami Limited
- Incorporated
- 1998-08-14
- Location
- Manchester
- Industry
- 47599 Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated on 14 August 1998 The Company designed and sold bespoke high specification kitchens from a leased showroom in London. The Company in effect had an exclusive UK supply agreement with its main supplier Minott: Cucine Srl (Minottt), a premium Italian kitchen manufacturer
The Company traded for a number of years and in July 2009 the shareholding was sold to Pidgeon Limited (the Parent Company), (which 1s majority owned by David Pidgeon) for the sum of approximately £3.5 million
This was funded via a combination of bank debt (£2.0 mithon), deferred consideration (£1 3 million) which was secured and equity (£200,000) The Co-operative Bank plc (the Bank) also provided an overdraft facility to the Company which at the time of the
Administrators' statement of proposals (2012-11-28) · Companies House register