Border City Window Systems Limited (04268785): administration
- Status
- Administration ended
- Administration began
- 2013-06-24
- Administrators
- Gordon Craig
- Administrators' firm
- Refresh Recovery
- Incorporated
- 2001-08-10
- Location
- Skelmersdale
- Industry
- 43342 Glazing
Why it went into administration
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
The Company had been trading since 1997 as a partnership, trading at The Arches, Dameside, Carlisle The Company was incorporated in August 2001 with Gordon and Deborah Waitt being appointed as the two Company Directors At the same time as incorporating the Company, the Directors left their rental site and personally purchased The Old Reading Room, Lancaster Street, Carlisle The two Directors had prior expenence in the industry, with Mr Waitt managing a similar business previously, therefore they decided to set up on their own business manufacturing, supplying and installing alumintum windows and doors The Directors introduced their own funds into the
Company as well as obtaining an overdraft with the bank
In 2009 the Company began to experience financial difficulttes with demand in the market for the product being constant, but targets being less achievable due to increased competition A bank foan was taken out to pay off the majority of the overdraft, leaving the Company with a smaller more manageable overdraft of £20,000 The intention was to pay the rematning £80,000 loan back over 3 years Gradually profits decreased and with the number of bad debts increasing and the loss of a particularly large contract, the Company was struggling financially Although the Directors injected some of their personal funds into the Company and made redundancies this did not solve the Company’s financial situation
Administrators' statement of proposals (2013-08-15) · Companies House register