ASA Export Limited (04544579): administration
- Status
- Administration ended
- Administration began
- 2012-02-21
- Administrators
- Kikis Kallis
- Administrators' firm
- Kallis & Company
- Formerly
- Kimo (UK) Limited
- Incorporated
- 2002-09-25
- Location
- Oxford
- Industry
- 7487
Why it went into administration
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
The company was incorporated in 2002 and initially traded as an import and export business for 2 years The company specialised in wholesale and retail of bathroom equipment and tiles in the UK from 2005 onwards The retail trade was conducted primarily through the company’s website whilst wholesale customers were mainly trade shops and builders The company traded successfully until 2008 when there was a fire at the company’s warehouse in Epsom which resulted in an uninsured loss of £700,000
The company decided to relocate to Abingdon with the support of its major suppliers, who had a vested mterested to recover stock that had been lost in the fire Major suppliers therefore supplied sufficient replacement stock to support the company’s recovery The onset of the economic downturn led to a huge devaluation in Sterling, and as the majority of goods were supplied in US Dollars it led to the company facing a £300,000 exchange loss which coupled with the loss in turnover from slower customer sales, proved impossible to eventually repay
In 2011, with the company unable to repay old habilities due to them, the company’s mayor suppliers withdrew their support A supplier who had been providing the company with its warehouse facilities pulled out forcing the company to make alternative arrangements Its other major supplier stopped supplying the company goods in early 2011 The company was forced to source new stock from alternative suppliers however the new ranges did not prove any easier to sell Insufficient sales were being made through the retail trade and the company’s wholesale division was also struggling due to customers seeking credit terms which the company could not afford to provide as it had already experienced a string of bad debts through customers ceasing to trade By late 2011 the wholesale trade had all but disappeared and retai] sales were minimal The director made efforts to market the business for sale or to source additional investment however due to the economic climate there were no interested parties found
Administrators' statement of proposals (2012-04-12) · Companies House register