Eversfield Organic Limited (04954144): administration
- Status
- Administration ended
- Administration began
- 2024-02-21
- Administrators
- Michael Pallott, Adam Harris, Guy Robert Thomas Hollander
- Administrators' firm
- Mazars
- Formerly
- Eversfield Manor Limited
- Incorporated
- 2003-11-05
- Location
- London
- Industry
- 47220 Retail sale of meat and meat products in specialised stores
Why it went into administration
- Creditor pressure / legal action
- Energy costs
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
The Company commenced trading in November 2003. It traded as an online retailer of fresh produce and meat and also via three shops, two pubs/restaurants and had a fish and meat concession with Selfridges. In addition, it opened up a distribution centre in Wincanton in 2021.
At its peak the Company generated turnover of £8.3m in FY21, benefiting from the Covid pandemic. The Company operated two large business accounts with Ocado and Abel & Cole, but these were closed in FY22, and this had a material adverse effect on turnover (sales were £2.3m in FY22) and profitability.
The Company had largely been lossmaking with losses of £536k in FY22 and these increased to £1.6m in FY23. Consequently, the Company experienced cash flow problems and despite securing further funding from third parties, by the summer of 2023, the financial position of the Company became critical. Advisers were instructed by the Bank and the Company to advise on the Company’s short term cash position. This showed that the Company was likely to exceed its overdraft limit and that new investment, or a sale of the business, would be necessary.
Administrators' statement of proposals (2024-04-17) · Companies House register