BOB Martin (UK) Limited (04380953): administration
- Status
- Administration ended
- Administration began
- 2019-11-26
- Administrators
- Robert Nicholas Lewis, Ross David Connock
- Administrators' firm
- PwC
- Formerly
- BOB Martin Trading Limited
- Incorporated
- 2002-02-25
- Location
- Leeds
- Industry
- 21200 Manufacture of pharmaceutical preparations
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Brexit
From the administrators' statement
PwC was initially introduced to the Company on 8 July 2017 when the bank requested PwC to carry out an independent business review (under a bi-lateral engagement) following a decision to wind down and close the Italian manufacturing tacility and issuance of financial forecasts.
The Company faced an extremely challenging time through 2017 which continued into 2018 as it faced huge demands to resource and fund its newly acquired businesses (the businesses in Italy and Spain were originally loss making upon acquisition). It was also presented with significant foreign exchange challenges following the Brexit decision in June 2016.
During 2018, the business went through significant change following the passing of Sir Bruce Martin QC. A strategic review of the business was undertaken to realign it to its core offering, as well as new product development across its ‘health & hygiene’ and cat litter businesses, with a focus on improved profitability rather than pursuing top line growth.
Administrators' statement of proposals (2020-01-11) · Companies House register