Showcase Limited (05150266): administration
- Status
- Administration ended
- Administration began
- 2022-05-23
- Administrators
- Andrew James Pear, Richard Keley
- Administrators' firm
- Moorfields
- Incorporated
- 2004-06-10
- Location
- Whitworth Road
- Industry
- 31020 Manufacture of kitchen furniture
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company sought additional working capital to help trade through this difficult period however the level of turnover has not returned to the level
required to break even or trade profitably going forward. In addition, the landlord of the Guildford premises decided to embark on a refurbishment of the whole trading estate and required the Company to relocate. The Company was not in a position to cease its operations and find alternative accommodation.
The Director sought professional advice and Andrew Pear of Moorfields Advisory Limited (“Moorfields”) was introduced to the Company by a customer of the business on 20 January 2022. At that point, it was considered that a Creditors’ Voluntary Liquidation may be appropriate and Moorfields (formerly BM Advisory) were instructed in that respect. However, it later became apparent following an independent valuation of the business and assets by qualified agents, Hilco Valuation Services (“Hilco”), that an Administration was more appropriate as it was considered the business and assets should be marketed on an accelerated basis to achieve a pre-packaged sale which would enable a better outcome for the Company’s creditors as a whole. The potential options of continuing the business on the basis of securing additional funding and a Company Voluntary Arrangement (“CVA”) were also considered together with selling the business as a whole. Unfortunately, a CVA was deemed not feasible due to a lack of surplus cashflow/ongoing profitable operations with the existing overhead structure.
Administrators' statement of proposals (2022-06-01) · Companies House register