Serene Furnishings Limited (05022007): administration
- Status
- Administration ended
- Administration began
- 2019-12-17
- Administrators
- Scott Christian Bevan, Simon David Chandler
- Administrators' firm
- Mazars
- Formerly
- Xtreme Investments Limited
- Incorporated
- 2004-01-21
- Location
- Birmingham
- Industry
- 46499 Wholesale of household goods (other than musical instruments) n.e.c
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
- Cash flow / liquidity pressure
- Brexit
From the administrators' statement
The Company was incorporated on 21 January 2004. It operates as an importer and distributor of wholesale furniture from eight leasehold units with yearly rents totaling £577,000 at The Hilltop Industrial Estate, Shaw Street, West Bromwich. More recently the Company began to manufacture certain items of furniture.
The Company employs 46 members of staff and generated revenues of £8,712,000 in the year ended May 2018 and £8,110,686 in the year ended May 2019.
In January 2019 one of the Company’s significant import funders removed a £600,000 finance line, however, following successful negotiations it was agreed that the amount due to the funder would be repaid over a 10 month period.
Administrators' statement of proposals (2020-01-02) · Companies House register