Rare Butchers of Distinction Limited (03967297): administration
- Status
- Administration ended
- Administration began
- 2015-04-30
- Administrators
- William John Kelly, Kirstie Jane Provan
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2000-04-07
- Location
- London
- Industry
- 46320 Wholesale of meat and meat products
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
- Cyber attack / IT failure
- Competition / price pressure
From the administrators' statement
The Company, which traded as ‘Rare’ and ‘Manor Meats’, was incorporated in April 2000 Operating from a storage and processing untt on the Chiltontan Industrial Estate, Manor Lane, Lewisham, the Company ordered, prepared and delivered various types and cuts of meat to It's customers which included restaurants, catering compantes and other butchers The Company also operated a walk-in retail butcher shop, which traded as Manor Meats and was situated adjacent to its storage and accounts office on the Chiltonian Industral Estate
The Reasons for the Company’s Insolvency
The Joint Administrators were advised by Mr David House, a directar of the Company, that tn the financial year to 30 September 2013, the Company suffered a loss of £801k (in the prior year, a net profit of £79k was reported) The reasons for the loss during the year are attributed to bad debts totalling c £590k, a camputer system failure whereby all management information data had been lost and the resultant disruption to the business, as weil as significant re-financing costs A winding up petition was filed late 2012 and, whilst this was settled, tt impacted upon credit terms available from suppliers The disruption from the computer failure exacerbated the pressures on performance and this led to the Company's funder at the time restricting facilities The cash shortage was restricting the Company's ability to service tis customers and emergency refinancing took place with two separate funders in quick successton Mr House estimates the cost of this refinancing to have been c £300k
Administrators' statement of proposals (2015-06-13) · Companies House register