Diamond Glass (Medway) Limited (04321512): administration
- Status
- Administration ended
- Administration began
- 2018-11-09
- Administrators
- Andrew James Pear, Richard Keley
- Administrators' firm
- Moorfields
- Incorporated
- 2001-11-13
- Location
- Crawley
- Industry
- 23190 Manufacture and processing of other glass, including technical glassware
From the administrators' statement
The business was founded in 1995 and subsequently incorporated in November 2001 by its director, Clive Stubberfield (the Director”) and he owns the Company equally with his wife, Lisa Stubberfield. It traded as a manufacturer of sealed double glazed units for installation into window frames and doors from three leasehold units at 15-17 Lordswood Industrial Estate, Revenge Road, Chatham, Kent, MES 8UD. The Company had an annual turnover of circa £2.7 million and it employed 31 members of staff (including the Director and his wife).
It was funded via an invoice finance facility provided by Close which is currently owed £243,398 (compromised of service fees of £44,740 and advances of £198,658). Close holds a fixed and floating charge and its debt is personally guaranteed by the Director. In addition a significant amount of plant and machinery was recently financed with Paragon Business Finance Pic and Ignition Credit Plc which are owed £156,900 and £74,875 respectively. The Director has advised that he and his wife are owed circa £150,000 each in respect of loans made to the business although these debts have not been verified at this stage.
The Company supplied products to an associated company, The Window & Door Warehouse Limited CTWDW”), which is majority owned and managed by the Director’s wife, Lisa Stubberfield, and the Director is a minority shareholder in this business. TWDW traded from the same premises and its overheads were borne by the Company.
Administrators' statement of proposals (2019-01-17) · Companies House register