TG Realisations 2023 Limited (04308218): administration
- Status
- Administration ended
- Administration began
- 2023-02-13
- Administrators
- James Richard Clark, Howard Smith
- Administrators' firm
- Interpath Advisory
- Formerly
- Tile Giant Limited; Giant Tiles Limited
- Incorporated
- 2001-10-19
- Location
- Leeds
- Industry
- 47520 Retail sale of hardware, paints and glass in specialised stores
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- COVID-19
- HMRC / tax arrears
- Property / lease costs
From the administrators' statement
Like many other retail businesses, the Company’s trading performance has suffered in recent years due to the impact of the Covid-19 pandemic. More recently, cost of sales has also been impacted by the rising price of gas, which has had a substantial impact on the price of tiles, due to the use of kilns in production.
As set out in the SIP 16 Memorandum, in November 2022, the Company and Its former shareholder engaged independent Corporate Finance advisors, DSW, with a view to affecting a sale of the Company as a carve out, to return the shareholder’s group to tile distribution and wholesale, rather than retail.
Following completion of the sale of the Company’s shares on 11 January 2023, the Directors commenced an internal review of the business which they completed on 29 January 2023. It was determined that there was a greater funding requirement than had initially been anticipated. Management determined that the additional funding requirement could be in excess of £3m, which was subsequently requested from the Company’s shareholders.
Administrators' statement of proposals (2023-03-06) · Companies House register