Orange Advertising Limited (04485576): administration
- Status
- Administration ended
- Administration began
- 2013-07-10
- Administrators' firm
- David Rubin & Partners
- Incorporated
- 2002-07-15
- Location
- London
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
- Property / lease costs
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
Following the acquisitions of OCL and ODL, the Company traded successfully for a number of years and acquired further machinery in order to meet rising demand Turnover had risen to Just under £1 million in the year ended 31 March 2009, resulting in operating profit of £19,806
However, the Company began to notice the effects of the recession in mtd 2009, which saw turnover decline and operating costs rise, resulting in operating losses of £37,248 for the year ended 31 March 2010 The cashflow pressure was compounded by the Company’s bankers, Lloyds TSB Bank Ple (“LTSB”) and Barclays Bank Plc, reducing the overdraft facilities then available to the Company
LTSB reduced a £30,000 facility by £2,000 per month until the facility was withdrawn entirely Barclays Bank ple converted the overdraft facility into a loan of which £16,695 remains outstanding and 1s subject to a personal guarantee given by the Director, lan Greatorex The negative cashflow caused by the removal of the overdraft facilities was increased by the Company also suffering approximately £60,000 of bad debt in the years 2008 to 2010
Administrators' statement of proposals (2013-09-06) · Companies House register