# Lowcostbeds.Com Limited (05663370)

> Why UK company 05663370 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/05663370

- **Status:** Administration ended
- **Administration began:** 2016-07-15
- **Administrators' firm:** Evelyn Partners
- **Formerly:** Clemtask Limited
- **Incorporated:** 2005-12-28
- **Location:** London
- **Industry:** 79110 Travel agency activities

## Why it went into administration

- Property / lease costs
- Sustained trading losses

## From the administrators' statement

It was clear by the end of 2014 that the Group required investment and needed to cut costs Various bank debt and overdraft options were explored but failed due to the low asset values the Group was able to offer as collateral and poor historic profitability

During 2015, the Group offices in the USA, Australia and LATAM were closed Operations were moved from these more expensive locations to a new office in Krakow, Poland Over 100 Group staff were made redundant from other locations during this process

Hoteling com, a new hotel-only brand, was launched mn the USA, in an attempt to reduce reliance on Goagle and the UK market and allow focus on a single product which required significantly less operational and back office support It was planned that the business would move away from city destination bookings towards a focus on high value family bookings

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/05663370/filing-history/MzE2MTA2MTEwMWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/05663370

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.