# Sussex Bacon Company Limited (03721306)

> Why UK company 03721306 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/03721306

- **Status:** Administration ended
- **Administration began:** 2018-06-27
- **Administrators' firm:** RSM
- **Incorporated:** 1999-02-25
- **Location:** Eastleigh
- **Industry:** 46320 Wholesale of meat and meat products

## Why it went into administration

- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Competition / price pressure

## From the administrators' statement

24 Brief background The Company was incorporated in February 1999, trading from ieased premises in Eastbourne, West Sussex as a meat wholesaler and distributor. The Company latterly leased an adjacent unit in 2014 and operated an additional meat and dairy retail business to the general public. The Company has two directors, Janet and George Faulkner, who founded the business and are joint shareholders in the Company. The Faulkners’ son, Paul, and son-in-law, Matthew Tobin, were registered directors until November 2017. Lloyds Bank Commercial Finance Limited provided an invoice discounting facility against the Company's debtor ledgers, which served as the business’ primary source of finance On 8 June 2018, the directors of the Company engaged White Maurd Insolvency Practitioners Limited (‘White Maund”) to review the Company's optians and latterly to market its business and assets for sale ahead of an Administration process. As part of this process, the Company served notice of its intention to appoint Administrators upon its secured creditors, Lloyds Bank Pic and Lloyds Bank Commercial Finance Limited. At the request of Lloyds Bank Commercial Finance Limited, RSM Restructuring …

2.2 Events leading to the appointment of the Joint Administrators The insolvency of the Company is belteved to have been precipitated by the following factors: 1. The Company experienced bad debts of approximately £162,000 in late 2017 and early 2018,

placing pressure on the Company's cashflow; 2. A downturn in trade, which is understood to have been experienced by the wider industry in the year to date, reducing the levels of orders received by the Company: and

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/03721306/filing-history/MzIxMzc5MTMzOWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/03721306

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.