Riverside Cards Limited (03757880): administration
- Status
- Administration ended
- Administration began
- 2011-10-11
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1999-04-20
- Location
- Leeds
- Industry
- 5263
Why it went into administration
- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
- Sustained trading losses
- Competition / price pressure
- HMRC / tax arrears
- Bad debts / customer insolvency
From the administrators' statement
Riverside Cards Limited (‘the Company’) (‘RCL’) was incorporated on 20 April 1999 as a greeting card publisher providing a wholesale distribution business for the retail convenience sector, operating on a nationwide basis The Company operated from headquarters located in Wakefield, West Yorkshire, being the design-house and warehouse base
Banking facilittes were provided by Santander UK Plc, formerly Alliance & Leicester Commercial Bank Plc, who provided an initial overdraft service of £250,000 secured by a debenture, registered on 6 March 2007, granting a fixed and floating charge over the assets and undertakings of the Company The Bank subsequently provided further credit card facilities to the Company The total indebtedness to the Bank at the date of appointment was c £310,000 It is understood that both Directors pledged personal guarantees to support the facility
The Company built up a strong reputation in the market, its repute earning RCL a blue chip customer base of national accounts and a vast range of independent retailers The Riverside brand became associated with quality product design, customer service and affordable price- points The Company specialises in direct to -store merchandising for retailers, using a unique consignment stock model The business distributes to a nationwide market through a combination of an in-house specialist sales team and a selected network of distributors Each representative offered a bespoke service to each retail outlet The Company have no exclusivity agreements with its customer base, relationships were built up between key Riverside personnel and their strategic relations with select customers In recent years, the Company also expanded into supplying a wide range of additional products, the product portfolio at present also includes stationary, DIY goods and party merchandise
Administrators' statement of proposals (2011-12-21) · Companies House register