Joinery Classics Limited (05257515): administration
- Status
- In administration
- Administration began
- 2025-02-27
- Administrators
- Michaela Daly, Kris Anthony Wigfield
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2004-10-12
- Location
- Newcastle under Lyme
- Industry
- 31010 Manufacture of office and shop furniture
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
- Brexit
From the administrators' statement
The Company was incorporated on 12 October 2004 and commenced trading at the same time. The Company trades as a bespoke woodworker mainly for commercial customers. The Company has 24 employees including the director. The Company trades from Weston Indusirial Estate, Honeybourne, Weston Sub Edge, Evesham, WR11 7QB.
Pre 2018 the Company had many profitable years, with cash reserves of more than £500k. However, in 2018 the Company had one building contractor that entered into administration, which resulted in a bad debt of £350k, drastically reducing cash reserves.
The Company began to experience financial difficulties as a consequence of the Company having already experienced a negative influence on its trade due to the Brexit vote in 2016, which had already resulted in a reduction of £700k of sales from £1.3 million in 2016-2017 to £535K in 2017-2018 of order in the London Corporate sector.
Administrators' statement of proposals (2025-04-03) · Companies House register