Kear Limited (05102804): administration
- Status
- Administration ended
- Administration began
- 2015-05-05
- Administrators
- Carl Derek Faulds, James Richard Tickell
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2004-04-15
- Location
- Fareham
- Industry
- 47990 Other retail sale not in stores, stalls or markets
Why it went into administration
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
21 The company was incorporated on 15" April 2004 and traded as an online art materials supply business, trading as Artifolk mainly, with a smaller trading style of Puzzlefolk, (www artifolk co uk and www puzzlefolk co uk) Trading was carned out from leasehold warehouse premises in Railway Triangle, Portsmouth, Hampshire Until administration the company had four employees, including the directors of the company
22 Trading was funded by a loan advanced by Lloyds Bank Plc, the loan was secured by a debenture conferring fixed and floating charges over the assets, granted on 30" June 2009 The debt was further supported by guarantees by the directors To further support the business a director's loan was provided, with a current balance of £36k outstanding
23 The company had no physical shop presence, all sales were through the websites The Artifolk website was designed by the company and incorporated a full stock management system and order management system within the site, which would be valuable to operators in the same market or those seeking to enter that market
Administrators' statement of proposals (2015-06-16) · Companies House register