CL Imports Limited (05655591): administration
- Status
- Administration ended
- Administration began
- 2014-06-06
- Administrators' firm
- Begbies Traynor
- Formerly
- Cheshire Tile Studio Limited
- Incorporated
- 2005-12-15
- Location
- Manchester
- Industry
- 47530 Retail sale of carpets, rugs, wall and floor coverings in specialised stores
Why it went into administration
- Rising costs / inflation
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Property / lease costs
From the administrators' statement
The Company was incorporated in December 2005 and commenced to trade at this date The Company operated as an independent bathroom and tile supplier and by the time it entered administration operated from a retail unit in Cheadle Hulme and showrooms in Altnncham and Wilmslow
The Directors of the Company have extensive expenence in the tile industry and left a major tile company to start this business Initially the Company only sold tiles but later diversified into selling bathrooms as well The Company also traded from an ecommerce website which generated approximately £50,000 of turnover per annum Turmover for the Company through its showrooms and retail outlet was approximately £1,600,000 per annum The Company's main customers were local contractors, interior designer's, corporate entities and the general public The Company had 11 employees all of which have been transferred to the purchasing Company by virtue of TUPE As the business and assets of the Company have been sold this has preserved the employment of 11 employees
The Company began to expenence financial difficulties as a consequence of the Altnncham and Wilmslow showrooms having high occupational and running costs resulting in them not being cost effective to operate The lease of the Wilmslow showroom provided for a rent of £50,000 for the first 3 years but this increased in May 2014 to £75,000 which gave the Company serious cash flow problems The combination of the rising costs of the rented showrooms and the accumulation of debt forced the Directors to seek insolvency advice resulting in the Company entering into Administration
Administrators' statement of proposals (2014-07-04) · Companies House register