Mark Webster Designs Limited (05508084): administration
- Status
- Administration ended
- Administration began
- 2022-08-22
- Administrators' firm
- BDO
- Formerly
- Mark Webster Upholstery Limited
- Incorporated
- 2005-07-14
- Location
- Liverpool
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Loss of a key customer, supplier or contract
- COVID-19
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
In 2021, the Company saw an uptick in trade with their main customer and turnover increased by 50%. However, during 2022 revenue reduced to pre-pandemic levels and the Company suffered working capital issues.
In addition, the Company’s trade had suffered from wider economic challenges including negative exchange rate movements, increases in container costs, fuel and wage costs increasing and supply chain delays, many of which were knock on effects from the pandemic.
The combined impact of these factors caused a significant strain upon working capital and resulted in the Company being unable to pay its creditors as and when they fell due, with significant stock being held at port. The inability to secure new products resulted in the business being unable to meet new orders received from customers.
Administrators' statement of proposals (2022-10-21) · Companies House register