KEY Electrical Wholesale Limited (04515064): administration
- Status
- Administration ended
- Administration began
- 2019-01-15
- Incorporated
- 2002-08-20
- Location
- Tansley
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Bad debts / customer insolvency
- Property / lease costs
From the administrators' statement
The Company was formed in August 2002 by the current shareholders, Hugh Spencer Keyes and Carole Ann Keyes. Mr Keyes had a number of years of experience in the electrical trade, starting out as an electrician and moving into electrical wholesaling was a natural progression.
The business made steady progress in its first four or five years, growing into a successful business. However, with the economic downturn of 2008/2009, the business found itself in a difficult financial position.
Dean Electrical Wholesale Limited (‘Dean Electrical’) had been introduced as a supplier a year earlier and had established a good trading relationship. Given the business’ position, | approached the Director of Dean Electrical and asked whether he would be interested in buying the Company. The Director expressed some interest and the matter was discussed. In return for acquiring 52% of the Company, the Director of Dean Electrical would arrange a £100,000 overdraft, would install a new computer system to fully computerise and streamline the ordering process from placing an order to raising an invoice.
Administrators' statement of proposals (2019-03-13) · Companies House register