Tyretraders.Com Limited (04524443): administration
- Status
- Administration ended
- Administration began
- 2016-02-05
- Administrators
- Matthew Douglas Hardy, Andrew Turpin
- Administrators' firm
- Jerroms Business Solutions
- Incorporated
- 2002-09-03
- Location
- Birmingham
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Competition / price pressure
- Cash flow / liquidity pressure
From the administrators' statement
The business was onginally formed in the mid 1990's as a Partnership trading as Part Worn Direct and on Accountants advice incorporated as Tyretraders.com Limited on 3 September 2002 Trading commenced immediately from rented premises in Heath Road, Darlaston selling motor vehicle tyres on the Internet in addition to a successful retail operation Internet sales grew substantially year on year and formed the main part of the Company's annua! turnover
As a result of the continuing success and with annual sales reaching £4 3M in 2013, a decision was made to purchase additional new premises more suitable to the Company's needs and to allow the continued growth of the Company In October 2013, Unit 3A First Avenue, Forge Lane, Minworth, Sutton Coldfield, West Midlands was purchased with the assistance of a secured loan from Lloyds Bank Plc Following extensive refurbishment the premises were opened in Apnil 2014
Due to circumstances beyond the Company’s control, the weakening Euro had a dramatic effect on business wiping out over 30% of the value of stocks held internet sales began to fall as the competition from Europe intensified Annual Internet sales are recorded as follows year to December 2013, £2 3M, December 2014, £1 6M and December 2015, £1 0M
Administrators' statement of proposals (2016-04-13) · Companies House register