Freedom Paper Converters Limited (03746716): administration
- Status
- Administration ended
- Administration began
- 2016-08-12
- Administrators
- John Malcolm Titley, Conrad Alan Beighton
- Administrators' firm
- Leonard Curtis
- Formerly
- Accrol Midlands Limited
- Incorporated
- 1999-04-07
- Location
- Manchester
- Industry
- 17220 Manufacture of household and sanitary goods and of toilet requisites
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
- Competition / price pressure
From the administrators' statement
A review of the accounts for the year ended 31 May 2014 and the comparatives for 2013 and 2012 demonstrate a profitable business that had enjoyed considerable growth The Company had distributable reserves as at 31 May 2014 of £2 075m and a balance sheet reserve position in excess of
In the 12 month period ending 31 May 2015 the Company undertook the purchase of plant and machinery costing in the region of c£E5m The acquisition was funded by finance agreements and grants In the same accounting period, the Company saw a small increase in its turnover, although expenenced a fall in its gross profitability by approximately 7%
In the 12 months to 31 May 2015 the Company reduced its overheads by c£330k, although suffered a net loss of c£122k in the following 12 months to 31 May 2016, the Company saw turnover fall by in excess of £2 4m from £13 3m in 2015 to £10 9m in 2016 The gross profit margin fell again in the period from 19% to 16%
Administrators' statement of proposals (2016-09-28) · Companies House register