Nova Direct Mail Limited (04711348): administration
- Status
- Administration ended
- Administration began
- 2017-08-02
- Administrators
- Jonathan James Beard, John Walters
- Administrators' firm
- Begbies Traynor
- Formerly
- Techbox Computing Limited
- Incorporated
- 2003-03-25
- Location
- Brighton
- Industry
- 63990 Other information service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
- Weak consumer demand
- Competition / price pressure
From the administrators' statement
The business was established in 1991 by Andrew Fry at premises in Haywards Heath and operated as a mailing service for a variety of customers.
The business initially traded from part of its premises, however, after a number of years of successful trading, turnover increased and a partnership was formed with the landlord of the premises it was occupying. As a tesult, the business expanded and started to operate from the entire premises.
In 2003, the director bought his business partner out and proceeded to transfer the business into the newly incorporated Nova Direct Mail Ltd. The director held 100% shareholding in the new company and financed the buyout of the business, and start-up costs, through a mixture of personal funding and a loan from the Bank of Scotland.
Administrators' statement of proposals (2017-11-02) · Companies House register