Victoria Plum Limited (04177694): administration
- Status
- In administration
- Administration began
- 2023-09-29
- Administrators
- Timothy Vance, Samuel James Woodward
- Administrators' firm
- EY
- Incorporated
- 2001-03-12
- Location
- Leeds
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- Rising costs / inflation
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Supply chain disruption
- Competition / price pressure
- Property / lease costs
From the administrators' statement
The Company is an online retailer of bathroom products, headquartered and operating from its distribution centre in Doncaster. The Company also utilised three leased delivery hubs (Runcorn, Peterborough and Dudley) to assist with its home deliveries as well as a leased photography studio in Hessle.
The Company is majority owned by Endless LLP (“Endless”) (via Venice Holdco Limited — see group structure below) following an acquisition concluded in 2019.
Secure Trust Bank Plc (“STB”) is the Company's senior lender with stock and cash flow facilities in place, and exposure at 29 September 2023 of c.£4.6m. Endless also have a c.£2.0m secured revolving credit facility which is fully drawn and subordinated to STB’s lending.
Administrators' statement of proposals (2023-10-16) · Companies House register