Rovic Tiles Limited (03879431): administration
- Status
- Administration ended
- Administration began
- 2015-01-15
- Administrators
- Alan John Clark
- Administrators' firm
- Leonard Curtis
- Incorporated
- 1999-11-18
- Location
- Ilford
- Industry
- 46499 Wholesale of household goods (other than musical instruments) n.e.c
Why it went into administration
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
The Company traded successfully for a number of years selting tiles by retall and trade In addition some contracting work was also undertaken The recession in the property market following the credit crunch in 2007 adversely affected the company In October 2012 the Company entered into a Company Voluntary Arrangement (CVA) Initially the company was able to adhere to the terms of the CVA and make payments in respect of Its post appointment habilities in accordance with the supplier's requirements
As 2014 progressed the trading performance declined and the Company struggled to adhere to the terms of the CVA and pay post arrangement liabilities as and when they fell due One of the reasons for this was the decline tn the contracting side of the business which was run from the Rochester outlet Rochester also was struggling on the retail side of its operation due to the demographic of the town and low cost competition who supplied lower quality but cheaper products which were more in tine with the requirements of the potential customers in Rochester
HMRC towards the end of 2014 started pressing for the payment of post appointment habilitres The Rovic Tiles Pension Scheme, as the holder of a Qualifying Floating Charge reviewed the position of the company Bearing in mind the likellhood of either HMRC or the Joint Supervisors of the CVA issuing a petition for the winding up of the company, the pension scheme decided to appoint an administrator over the company
Administrators' statement of proposals (2015-02-27) · Companies House register