Bench Limited (04787106): administration
- Status
- In administration
- Administration began
- 2018-05-10
- Administrators
- Kerry Bailey, Antony David Nygate
- Administrators' firm
- BDO
- Formerly
- Americana International Limited; Inhoco 2853 Limited; Americana International (2003) Limited; Inhoco 2853 Limited
- Incorporated
- 2003-06-04
- Location
- Liverpool
- Industry
- 46420 Wholesale of clothing and footwear
Why it went into administration
- Weak consumer demand
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company traded profitably following its incorporation. Revenues peaked in the year to 25 June 2011, with a turnover of £146.9m, which generated a profit after tax of £18.3m. However, trading performance declined and by the year to 28 June 2014 the Company generated a profit after tax of £3.9m from turnover of £92.0m. The Company’s recent financial results are summarised at Appendix 1.
In May 2014 the Company was acquired by Emeram Private Equity Fund GmbH & Co (‘Emeram’) together with a number of minority shareholders, via two holding companies, Emeram Urbanics Limited and Emeram Urbanics Holdings Limited. The purchase was funded by debt and equity introduced by Emeram. In addition Beechbrook Mezzanine II Sar| (‘Beechbrook’) provided a loan to Emeram Urbanics Limited to fund working capital of the Company. The amounts owed to Beechbrook were guaranteed by the Company and secured by way of fixed and floating charges.
The current registered director of the Company is Barry Knight (appointed: 19 April 2018) (‘the Director’) who took over the management of the Company from Gregory Peacock (resigned: 19 April 2018), Dr Bruno Saelzer (resigned: 26 March 2018) (‘together the Former Directors’).
Administrators' statement of proposals (2018-07-17) · Companies House register