Choice Stationery Supplies Limited (04122307): administration
- Status
- Administration ended
- Administration began
- 2019-10-09
- Administrators
- Stephen Powell, Julie Anne Palmer
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2000-12-11
- Location
- Salisbury
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Bad debts / customer insolvency
- Rising costs / inflation
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The director originally approached Begbies Traynor for advice on 26 April 2019 after contacting us via our website. The Company's options were outlined which included a Company Voluntary Arrangement, Administration and Liquidation However, no further advice was given and the Company continued to trade without any involvement of Begbies Traynor (Central) LLP. The Company sought further advice as the Company's financial position had not improved and a meeting was held on 27 September 2019 to discuss the Company's options.
Following this meeting our engagement letter to the Company was issued on 28 September 2019 and we were instructed to market the business and assets for sale with a view to completing a pre-pack administration. Kevin McAndrew of Eddisons Commercial Limited were instructed to value and market the Company This resulted in 17 non disclosure agreements being requested and returned. However, no offer was made for the business and assets.
Following our appointment as Joint Administrators, we have issued a licence to Spitfire AMS Limited to allow them to use certain assets (excluding stock) to trade until we are in a position to sell those assets to preserve value in the Company’s business and assets. We believe that this is the best way to maximise asset realisations and is in the best interest of creditors.
Administrators' statement of proposals (2019-11-01) · Companies House register