From the administrators' statement

11 The Company was formed in April 2002 by Steve Palmer who initially operated from one mobile van as a tyre supply and fitting service to individual chents and agncultural and commercial customers The business then took on the lease at its current head office and trading premises at The Rural Business Centre, North Road Hellingly

12 The Company traded profitably for a number of years and as a result the directors took the decision to grow and develop the business by taking on more staff and fully equipped vans and in 2009 the Company took out a five year lease on premises located tn Bexhill Although the mobile tyre fitting service operated through the vans has operated profitably, it soon became apparent that the Bexhill premises were not trading as successfully as anticipated Although the turnover of the Company had increased the profitability of the Company had declined The Directors therefore took the decision to close the Bexhtl premises in 2010 but remained lable for the rent due under the lease

13 Dunng 2011 the Company expentenced further pressure on its cash flow when Ultimate Finance, who had operated an invoice discounting agreement with the Company since 2007, informed the Company that they should find an alternative factoring company Negotiations were entered into with vanous factonng companies but whilst negotiations were continuing Ultimate reduced the level of the debtors ledger against which they would lend and increased their charges This put pressure on the Company's cash flow and reduced the Company's ability to purchase tyre stock and trade successfully

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WT Admin Limited (04426972)

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