Genie CCTV Limited (04185168): administration
- Status
- Administration ended
- Administration began
- 2017-10-25
- Administrators' firm
- Menzies
- Incorporated
- 2001-03-22
- Location
- London
- Industry
- 80200 Security systems service activities
Why it went into administration
- Property / lease costs
- Creditor pressure / legal action
- Brexit
From the administrators' statement
The Company was incorporated on 22 March 2001 and has traded for approximately 16 years. The company’s principal activity was the wholesale and distribution of CCTV, surveillance and security equipment. It should be noted that the Company’‘s main suppliers were internationally based, in particular China.
The Company traded from leasehold premises at Unit 3 Gunnels Wood Park, Gunnels Wood Road, Stevenage SG1 2BH (from 1 August 2017) and previously at a leasehold premises at CCTV House, Watchmead, Welwyn Garden City, Hertfordshire, AL7 LLT.
The Company suffered a difficult financial year in 2016 due to the outcome of Brexit and exchange rate issues. These problems continued into 2017 whereby its turnover had reduced to just over £3.6m. This in turn resulted in the company experiencing a loss for the first time in recent years. However, the Company completed several cost cutting measures to assist the Company’s working capital requirements. This, together with what the director projected strong pipeline of sale, meant the company was in a position to attempt trading on with a view to returning to profitability.
Administrators' statement of proposals (2017-12-13) · Companies House register