T.T.S. Interiors Limited (04256149): administration
- Status
- Administration ended
- Administration began
- 2015-06-05
- Administrators
- Charles Macmillan
- Administrators' firm
- BDO
- Incorporated
- 2001-07-20
- Location
- Manchester
- Industry
- 43320 Joinery installation
Why it went into administration
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
- Loss-making contracts / project overruns
- Property / lease costs
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated in July 2001 but had historically traded as a partnership The Company operated as an interior fit out contractor with an in-house jomery manufacturing base to the hospitality industry with a special area of expertise in airport work
In early 2012 the former director Mr T Richardson was looking to retire and had approached the current management team for a possible buy-out, however no agreement was ever reached Mr Richardson therefore started looking for a suitable company to discuss a potential sale
Mr Richardson identified Quinn Interiors (Holdings) Limited (Holdings) as a likely purchaser as they had a subsidiary, Quinn Interiors Limited (Quimns) who operated as an interior fit out contractor but in the high street fashion market Quinns did not operate a joinery manufacturing base as they subcontracted this to local manufactures Mr Richardson thought the Company would therefore be a good fit for Quinns as there was the potential to complement them existing business
Administrators' statement of proposals (2015-07-28) · Companies House register