Riva Fabrics Limited (04323170): administration
- Status
- Administration ended
- Administration began
- 2011-05-31
- Administrators' firm
- Begbies Traynor
- Formerly
- Minorpanel Limited
- Incorporated
- 2001-11-15
- Location
- Preston
- Industry
- 5190
Why it went into administration
- Competition / price pressure
- Creditor pressure / legal action
- Weather / natural events
From the administrators' statement
Riva Fabnis Limited (“the Company”), formerly Minorpanel Limited, was incorporated on 15 November 2001 with lan Aitcheson being appointed as Director The Company had bought the business and assets of Harms Waison with all employees being transferred under TUPE regulations The business provided finished fabne matenal to blind manufacturers and retailers and operated from leased premises in Blackburn, Lancashire The Company employed 8 staff
The business enjoyed stable growth over the years and made substantial profits However, in 2006 the Company was hit with a number of customer issues when they were supplied with faulty fabric from an Italian supplier Additionally, the business had steadily lost turnover and profitability over the past two years, mainly as a result of increased competition from overseas suppllers +The Company has also felt the effects of the inclement weather conditions in 2009 and 2010, which resulted in the loss of three main suppliers As the cash flow position worsened, a number of other suppliers placed the Company ‘on stop’ and they were unable to source materials to complete outstanding orders In addition, the Company had fallen into rental arrears with the landiord with the lease due to end on 7 June 2011
The Directors immediately contacted their accountants Pierce C A Limited (“Pierce”) and a meeting was organised with Begbies Traynor to discuss the Company’s financial position on 04 May 2011 The Company was facing creditor pressure and the threat of proceedings It was determined that the Company was insolvent in terms of its ability to meet its ongoing habilities as and when they felldue The various insolvency routes were considered by the Director however, it was clear the most viable route would be through an Administration of the Company
Administrators' statement of proposals (2011-07-29) · Companies House register