English CUT Limited (05544574): administration
- Status
- Administration ended
- Administration began
- 2017-07-31
- Administrators
- Arron Simon Kendall, Richard Keley
- Administrators' firm
- Moorfields
- Incorporated
- 2005-08-24
- Location
- London
- Industry
- 14190 Manufacture of other wearing apparel and accessories n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Supply chain disruption
From the administrators' statement
The Company had invested heavily in the brand and supply chain in recent years. In the process, secured loans in the sum of £2.4m were advanced by the Secured Creditor;
The Company was suffering from cash flow issues and was in breach of the terms of its secured loans. Following a failure to reach an agreement with the Secured Creditor for further funding, the directors instructed FRP Advisory Limited to assist in placing the Company into CVL; and
As a result, the Secured Creditor approached Moorfields regarding appointing Administrators to protect its position. The Company’s breach of its loan agreement meant the Secured Creditor’s had an enforceable qualifying floating charge under which it appointed Administrators pursuant to P14 of Schedule B1 of IA86 on 31 July 2017.
Administrators' statement of proposals (2017-10-04) · Companies House register