Hudsons Office Furniture Limited (04481208): administration
- Status
- Administration ended
- Administration began
- 2018-01-18
- Administrators' firm
- DL Partnership (uk)
- Incorporated
- 2002-07-09
- Location
- Halifax
- Industry
- 47599 Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store
Why it went into administration
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 9 July 2002 by the Hudson family and traded as a retailer of office furniture from premises situated at Unit 1, Ravenswharfe Mills, Ravenswharfe Road, Dewsbury, WF13 3RD. In February 2017, Mr Nigel Hudson became the sole remaining Director after separating from his wife Susan who subsequently resigned.
The Company had suffered a drop in turnover from £781,446 to £708,749 during the year to 31 October 2015 which resulted in a loss before tax of £38,265. The Company operated in a competitive market so in order to assist cash flow and to fund future investment, an initial loan of £50,000 was obtained from Funding Circle in March 2015 and a further loan of £60,000 in December 2015. Security was provided in respect of these loans by way of a personal guarantee from the Director.
Whilst turnover further reduced to £664,463 during the year ended 31 October 2016, as a result of cost cutting measures the Company reported a break even position but still retained net liabilities of £31,095. However, following two difficult years both personally and professionally, in 2017 the Director took the decision to explore the sale of the business. He directly circularised the Company's major competitors nationally and received a number of expressions of interest but did not initially progress matters further.
Administrators' statement of proposals (2018-03-22) · Companies House register