Elvetham Ltd (04817215): administration
- Status
- Administration ended
- Administration began
- 2020-10-13
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2003-07-01
- Location
- London
- Industry
- 47290 Other retail sale of food in specialised stores
Why it went into administration
- Sustained trading losses
- Management failings / irregularities
- Funding withdrawn / unable to refinance
- COVID-19
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
Following reduced sales and ongoing losses in 2019, KPC and its subsidiaries continued to provide - additional funding in the sum of £500k to the Company over the period from 25 October 2018 to 25 April 2019.
In September 2019, as a result of the deteriorating trading performance, coupled with the material cash losses from the bank fraud, the Board of Directors engaged RSM UK to be Nominees under the proposal of the Directors of the Company in respect of a CVA with the Company's creditors under Part | of the Act in respect of its debts.
The Company’s turnover continued to significantly decrease and resulted in significant trading losses as a result of extensive competition within the sector and increased labour costs. Due to the COVID-19 _ outbreak, revenue rapidly declined in the period to March 2020 and then the government-imposed
Administrators' statement of proposals (2020-11-28) · Companies House register