D W S Bodyworks (Holdings) Limited (05966649): administration
- Status
- Administration ended
- Administration began
- 2012-01-20
- Administrators
- Anne Clare O'Keefe, Charles Peter Holder, Kevin James Coates
- Administrators' firm
- AlixPartners
- Formerly
- D W S Bodyworks (Holdings) PLC
- Incorporated
- 2006-10-13
- Location
- Manchester
- Industry
- 5020
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
- Sustained trading losses
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Parent or group failure
- Weather / natural events
From the administrators' statement
The Group was formed 1n 2006 and continued to expand over several years, providing automotive repair services within the M25 orbital. The majority of the Group’s trade was generated from four key customers, all of which were large insurance companies. A small percentage of trade was generated from the private sector.
The Group suffered from a reduction in revenue over the last 12 months, due largely to a reduction in the level of insurance claims brought about by higher excesses, policy changes, milder weather, improved road saftey and general economic conditions. The reduction in revenues and the high fixed cost base of the Group has resulted in the Group incurring losses,
2.3 The Group fell into arrears with its creditors, including approximately £2 million owed to HM Revenue and Customs (HMRC). A ‘Time to Pay’ arrangement was entered into at the end of November 2011, but the Group was unable to meet its obligations under this agreement. In addition, a further payment in respect of a dispute regarding prior year VAT fell due in early December 2011, which the Group was unable to pay.
Administrators' statement of proposals (2012-02-16) · Companies House register