Truckcraft (Nottingham) Limited (03903981): administration
- Status
- In administration
- Administration began
- 2009-06-23
- Administrators
- Christoper Kenneth Williams, Andrew Mctear
- Administrators' firm
- Begbies Traynor
- Formerly
- GAG118 Limited
- Incorporated
- 2000-01-10
- Location
- Norwich
- Industry
- 5020
Why it went into administration
- Competition / price pressure
From the administrators' statement
In 2008 turnover rose to £890,000 but with increasing pressure on margins brought about by industry competition losses increased to £105,000 for the year.
In 2009 despite increased involvement of the directors the financial position of the company continued to deteriorate due to the onset of the recession. In May 2009 the directors became aware that the company could not meet its financial obligations and a meeting was held with McTear Williams & Wood where options for the company were discussed. On 28 May 2009 the directors made all 16 staff employed by the company redundant and the company was placed into administration on 23 June 2009.
There was a potential purchaser in the wings and the landiord was able to distrain on the assets. The advantage of administration over liquidation was that the administration could be in place more quickly and gave protection against any action from the landlord.
Administrators' statement of proposals (2009-08-03) · Companies House register