North Quay Seafoods Limited (05219291): administration
- Status
- Administration ended
- Administration began
- 2012-10-03
- Administrators
- Adrian David Allen, Mark Nicholas Ranson
- Administrators' firm
- Baker Tilly Restructuring & Recovery
- Formerly
- Wilchap 369 Limited
- Incorporated
- 2004-09-01
- Location
- Leeds
- Industry
- 1520
Why it went into administration
- Sustained trading losses
- Competition / price pressure
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
The Company made trading losses 1n its first two years of operation but subsequently generated profits as turnover levels increased. The Company reported net profits before tax of c£39k in the year to 31 December 2011 on a turnover of £3.7m and cumulative reserves at that date of £212k. Almost all the Company’s business was provided by a small number of customers one of which, Coldwater, accounted for c70%, equating to sales of c£3m per annum
In November 2011, Coldwater advised the directors that it did not require any additional supphes and it became clear thereafter that no further orders would be forthcoming. This had a major mnpact on profitability and in order to maintain cash flow, the Company had to sell at reduced margins over £300k of stock which had been designated for Coldwater.
The directors responded to this set-back by
Administrators' statement of proposals (2012-11-12) · Companies House register