Leetex (Nottingham) Limited (04756484): administration
- Status
- Administration ended
- Administration began
- 2014-01-17
- Administrators
- Simon David Chandler, Philip Michael Lyon
- Administrators' firm
- Mazars
- Incorporated
- 2003-05-07
- Location
- Nottingham
- Industry
- 13990 Manufacture of other textiles n.e.c.
Why it went into administration
- Property / lease costs
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The company was incorporated in 2003 however Mr Bethell had previously been trading for 20 years prior as a sole trader The company produced heat and cut resistant gloves and operated with 8 employees from a leasehold premises in Arnold, Nottingham
The company managed to operate successfully for a number of years, building up tts client base until trade began to take a downturn as the company struggled with challenging economic conditions, along with increased competition from the Chinese market
The company started to accrue VAT arrears which it was managing to service by way of monthly instalments until one of its largest customers informed the company in January 2014 that it was unable to place any orders for the next 5 months
Administrators' statement of proposals (2014-03-14) · Companies House register