Formston Evans Limited (03826695): administration
- Status
- Administration ended
- Administration began
- 2017-06-21
- Administrators
- Alan Brian Coleman
- Administrators' firm
- FTS Recovery
- Incorporated
- 1999-08-17
- Location
- Trinity Way
- Industry
- 16290 Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials
Why it went into administration
- HMRC / tax arrears
- Bad debts / customer insolvency
- Rising costs / inflation
- Sustained trading losses
- Brexit
From the administrators' statement
The Company was incorporated on 17 August 1999 and commenced trading shortly thereafter with Mr John Evans and Mr Alan Formston appointed as Directors of the Company. Mr Evans and Mr Formston were also the shareholders of the Company.
On 15 August 2014, Sobecamo Limited (Sobecamo), a Company that Mr Paul Norris was shareholder and sole director of, acquired the shares of the Company from Mr Evans and Mr Formston for the sum of £76,000. The sum of £60,000 was paid on completion and the sum of £25,000 was pald over 24 equal monthly instalments. These funds together with the associated professional fees and stamp duty were paid from the Company to Sobecamo and an intercompany balance remains outstanding at £88,973.
The Company operated as a furniture frame manufacturer producing furniture frames for the uphofstery
Administrators' statement of proposals (2017-07-19) · Companies House register