The Original Sofa Co Limited (05682213): administration
- Status
- Administration ended
- Administration began
- 2016-10-24
- Administrators
- Howard Smith, Jonathan Charles Marston
- Administrators' firm
- KPMG
- Incorporated
- 2006-01-20
- Location
- Newcastle-upon-Tyne
- Industry
- 47599 Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 19 January 2006, it commenced trading shortly afterwards The Company's principal business activities were the manufacture and retail of luxury upholstered furniture
The Company had five employees, the Company traded from premises at the Team Valley Industral Estate, Gateshead, and on Sloane Street, London 2.2. Funding and financial position of the Company
The Company was financed with unsecured loans from NEL Fund Managers Limited and the North East Growth Fund, together with loans from Funding Circle Limited and the Director, HSBC Bank pic also provided an unsecured overdraft facility There was no secured lending provided to the Company
Administrators' statement of proposals (2016-12-30) · Companies House register