Cheshire Classic Cars Limited (04293302): administration
- Status
- Administration ended
- Administration began
- 2018-02-28
- Administrators
- Andrew James Pear, Michael Stephen Elliot Solomons
- Administrators' firm
- BM Advisory
- Formerly
- Ryan Leisure (Northern) Limited; The Concept Company (Northern) Limited
- Incorporated
- 2001-09-25
- Location
- London
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 25 September 2001 but did not begin trading until 2005 when Mr Tain Tyrrell joined as a director, The business offered the servicing, repair and restoration of classic and high-performance cars. Operating from leasehold premises at Aviation Park, Chester it also had a showroom offering client’s cars for sale with the Company taking a commission on any sale achieved. Mr Andrew Simmonds joined as a director in March 2009 and also provided further investment.
In 2013 the decision was made for the business to move to the current trading premises which is located on a private airfield and comprised of a fully equipped workshop with four car lifts, six ‘restoration’ bays, office space and a showroom to display stock for sale. In response to the increase in facilities further staff were also taken on allowing the business to undertake more work.
The Company increased its turnover generating £5.2m and £10.5m in 2014 and 2015 respectively. Whilst a net profit of £27,793 was achieved for 2014, in 2015 the Company saw a net loss of £116,476. Sales throughout 2016 continued to be lower than anticipated, falling to £6.1m with the Company also encountering problems on certain restoration projects which affected the profitability of the job.
Administrators' statement of proposals (2018-03-20) · Companies House register