Haytons Executive Travel Limited (04824279): administration
- Status
- Administration ended
- Administration began
- 2011-12-02
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2003-07-07
- Location
- Manchester
- Industry
- 6023
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Management failings / irregularities
- Competition / price pressure
From the administrators' statement
The Company was a family run coach firm founded in 1984 and traded from leasehold premises at Unit 3, Froxmer Street Industrial Estate, Froxmer Street, Gorton, M18 8EF It had contracts with FC United, Stockport County, vanous football supporters’ clubs, National Express and Greater Manchester Passenger Transport Exexcutive The company had a turnover of nearly £5m and employed over 60 staff
The Company began to experience senous cash flow difficulties when accounting errors revealed overstated profits of approximately £157,000 In addition, accrued sales of £79,000 failed to matenahse due to a down tum in sales and the Company was expenencing very high repair costs As a result, the Company expenenced creditor pressure and agreed a payment plan with HM Revenue & Customs in respect of outstanding PAYE
in September 2011, the directors orginally thought that £100,000 maximum would have to be injected into the Company, however due to the understatements as detailed above the Company was facing a funding requirement of £250,000 — £300,000 which could not be raised
Administrators' statement of proposals (2012-01-23) · Companies House register