Thierry's Wine Services Limited (03711806): administration
- Status
- Administration ended
- Administration began
- 2012-12-07
- Formerly
- T & J Holdings Limited; Strongfibre Limited
- Incorporated
- 1999-02-11
- Location
- Orpington
- Industry
- 46170 Agents involved in the sale of food, beverages and tobacco
Why it went into administration
- Creditor pressure / legal action
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Property / lease costs
- Credit insurance / supplier credit withdrawn
- Parent or group failure
From the administrators' statement
The Company provided the wholesale distribution of wine, and traded from premises at Horsefair House, The Horsefair, Romsey, Hampshire SO51 8EZ The Company received a significant amount of tts turnover from trading with a smail number of customers, including Tesco, Marks & Spencers
and Majestic Off Licences
In February 2012 Tesco terminated their contract with the Company This was due to the fact that one key product that Tesco took was Nicolas Feuilatte Champagne When the annual projections were agreed with Tesco, it was agreed that Tesco would run the product at 80% on promotional price and 20% at the RRP in reality Tesco kept the product on offer for 98% of the time and only sold at RRP for 2% of the time As a consequence, they did not make the projected margin and required the Company to pay a margin support of £1 7m The Company refused to do so At the time, the Tesco contract represented 33% of the Company's gross margin The resultant reduction In profitability led to the bank reducing the Company’s facility
Administrators' statement of proposals (2013-02-08) · Companies House register