Fresh-Pak Limited (03727020): administration
- Status
- Administration ended
- Administration began
- 2011-07-21
- Administrators' firm
- FRP Advisory
- Formerly
- Derby Broadside Limited
- Incorporated
- 1999-03-05
- Location
- Narborough
- Industry
- 1533
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated in March 1999; its business was to prepare and supply fresh produce to hospitality, local authorities and manufacturers.
The business traded successfully with the support from Bibby Factors Leicester Limited (“Bibby”), who provided a 90% factoring facility to the Company and held a qualifying fixed and floating charge over the Company's assets This was supported by the personal guarantee of Richard Hollingworth; one of the directors and shareholders of the Company.
In September 2010, Bibby introduced me to the Company as they had concerns regarding Its solvency. I carried out a brief review of the business and concluded that although the company was expenencing financial difficulttes it was viable; however tt would need to be monitored closely.
Administrators' statement of proposals (2011-09-07) · Companies House register