Aversham Limited (03974396): administration
- Status
- Administration ended
- Administration began
- 2014-02-25
- Administrators
- John Malcolm Titley, Mark John Colman
- Administrators' firm
- Leonard Curtis
- Formerly
- Vispa Internet Limited
- Incorporated
- 2000-04-17
- Location
- Preston
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
31 The Company was incorporated on 14 April 2000 and traded from leasehold premises situated at Delta House, Wavell Road, Manchester, M22 5QZ The principal trading activity of the Company was provider of internet services to commercial and domestic clients throughout the United Kingdom
32 In 2012 the Company's tumover had grown to £4 2m, however during the final 12 months of trade the business experienced a significant downturn in demand for its services and was severely affected by increased competition from a number of larger competitors In addition to the increased competition, the limitation of the Company's product offering was considered unattractive to both new and existing customers Due to the Company's inability to compete, both on pnce and service, it found itself unable to generate new business or maintain its existing client base
33 As aresult of declining sales, the Company expenenced cash flow difficulties and accrued trade arrears totalling approximately £225,000 with its primary supplier To ensure continuity of supply, the director agreed a payment plan to discharge the Company's debt to the principal supplier, resulting in increasing working capital funding requirements and further worsening cashflow
Administrators' statement of proposals (2014-04-11) · Companies House register