FLY Receivables Limited (03732414): administration
- Status
- Administration ended
- Administration began
- 2012-02-02
- Administrators' firm
- BDO
- Formerly
- FLY53 Limited; Sabotage Limited
- Incorporated
- 1999-03-15
- Location
- Liverpool
- Industry
- 14132 Manufacture of other women's outerwear
Why it went into administration
- Weak consumer demand
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 15 March 1999 and traded as a retailer and wholesaler of menswear. The Company operated 14 House of Fraser concessions, together with a retail unit in Livingstone and a store on Ebay. The Company had 75 employees
The Company was known as Sabotage Limited until March 2009, when it was acquired by the incumbent management team (Cobco 898 Limited) (“Cobco”) by way of a management buyout (“MBO”) The name was then changed to Fly53 Limited, and Cobco changed its name to Sabotage Limited (“Sabotage”) The ultimate parent company is Key Capital Partner (General Partner) Limited (“KCP”).
Pnor to the MBO the Company had been profitable. In the financial year ending November 2009 turnover increased from £4 6 million to £5.1 milion primanly due to the growth of the wholesale business and the opening of three further House of Fraser concessions (in addition to the 11 already operating). This expansion was funded primarily by the issue of loan note instruments by Sabotage, secured by debentures, which then transferred the funds to the Company by way of an intercompany loan A number of debentures were also granted by the Company as security for the funds. In
Administrators' statement of proposals (2012-03-27) · Companies House register