Trade Window Specialists Limited (03666264): administration
- Status
- Administration ended
- Administration began
- 2012-06-15
- Administrators' firm
- Evelyn Partners
- Formerly
- Stenmoore Limited
- Incorporated
- 1998-11-12
- Location
- Worcester
- Industry
- 22230 Manufacture of builders ware of plastic
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The company manufactured UPVC windows and doors supplying to both trade and commercial customers, providing a very short response time to customer orders The majority of trade customers were located in close proximity to the main manufacturing premises at Spring Lane North, Malvern
In December 2011 a new management structure was put in place to mplement tighter financial controls as the company had started to encounter cashflow difficulties The new management undertook a review of the company’s assets and liabilities in order to create a new business plan to trade out of the financial situation Having completed the review it was apparent that there had been an accumulation of debt due to HM Revenue & Customs (“HMRC”) throughout 2011 A repayment plan was therefore put in place with HMRC in January 2012
The company approached its bankers in December 2011 and February 2012 to attempt to restructure tts lending to provide additional funding However, no further funding was available Without the support of the bank and because the predicated seasonal upturn in sales never matertalised the company was unable to meet the terms of the repayment plan that had been agreed with HMRC
Administrators' statement of proposals (2012-08-03) · Companies House register