Librance Limited (04777027): administration
- Status
- Administration ended
- Administration began
- 2017-08-18
- Administrators
- Blair Carnegie Nimmo, Geoffrey Isaac Jacobs
- Administrators' firm
- KPMG
- Incorporated
- 2003-05-27
- Location
- Nottingham
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Weak consumer demand
- Funding withdrawn / unable to refinance
- Property / lease costs
- Sustained trading losses
- Weather / natural events
From the administrators' statement
The Company was incorporated on 27 May 2003 and commenced trading in March 2004, selling snowboard and surf clothing from a leasehold property in Rose Street, Edinburgh.
In 2006, the Company entered into an alliance with the Australian brand Billabong and opened a unit at the newly constructed Xscape centre in Braehead, Glasgow (“Xscape”). The Directors invested significant funds (c.£200,000) fitting out the shop and financing stocks. Due to Xscape construction issues, and the resulting delay in the opening of certain of the surrounding units, footfall was significantly iower than anticipated. Over time, this gradually increased but did not reach the levels originally anticipated.
In 2008, the Directors embarked upon a change in strategy. Against a backdrop of poor sales and increasing rent and rates, the Directors took the decision to close the Rose Street premises. In addition, due to lower than anticipated sales levels, the Company’s alliance with Billabong was terminated (by mutual agreement) as the Company sought to widen its brand and product offering, whilst continuing to operate from the Xscape store.
Administrators' statement of proposals (2017-10-24) · Companies House register