Allens Butchers of Mount Street Limited (05824705): administration
- Status
- Administration ended
- Administration began
- 2015-04-30
- Administrators
- William John Kelly, Kirstie Jane Provan
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-05-22
- Location
- London
- Industry
- 46320 Wholesale of meat and meat products
Why it went into administration
- Cyber attack / IT failure
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
The Company, which traded as ‘Allens of Mayfair’, was incorporated on 22 May 2006 The Company operated as a walk-in butchers shop in Mount Street but also had an online offering as well as supplying a number of high profile hotels tn the vicinity of the shop
The Reasons for the Company’s Insolvency
The Joint Administrators were advised by Mr David House, a director of the Company, that in the financral year to 30 September 2013, the Company's sister company, Rare Butchers of Distinction Limited (“Rare”), suffered a loss of £801k (in the prior year, a net profit of £79k was reported) The reasons for the loss during the year are attributed to bad debts totalling ¢ £590k, a computer system failure whereby all management information data had been lost and the resultant disruption to the business, as well as significant re-financing costs A winding up petition was filed against Rare tn late 2012 and, whilst this was settled, it impacted upon credit terms available from supphers The disruption from the computer failure exacerbated the pressures on performance and this led to Rare’s funder at the time restricting facilities The cash shortage was restricting Rare’s abiltty to service its custorners and emergency re-financing took place with two separate funders in quick succession Mr House estimates the cost of this re-financing to have been c £300k
Administrators' statement of proposals (2015-06-13) · Companies House register