Ashbury Furniture Limited (06006863): administration
- Status
- Administration ended
- Administration began
- 2020-02-10
- Administrators
- Mark Newman, Vincent John Green
- Administrators' firm
- Insolvency Practitioners of Crowe U.k.
- Formerly
- Clickonmattresses Limited
- Incorporated
- 2006-11-22
- Location
- Tunbridge Wells
- Industry
- 47990 Other retail sale not in stores, stalls or markets
Why it went into administration
- Weak consumer demand
- Property / lease costs
- Cash flow / liquidity pressure
From the administrators' statement
On 20 January 2020, upon the recommendation of the Company's accountants Magee Gammon, the Board of Directors (“the Board”) sought insolvency advice and contacted Crowe. A meeting was held between the Board and Crowe to advise the Company in respect of its financial affairs. At that meeting the cash flow difficulties facing the Company were discussed.
Crowe was informed that the Board were considering the options available to the Company, in light of the previous year trading deficits and the resulting cash flow issues, compounded by the increased rent and business rates being incurred alongside a reduced footfall resulting from the prolonged M20 roadworks taking place. Accordingly, the Board had concluded that the business was not sustainable.
As a result of the above meeting, the Board decided to engage Crowe to assist the Company in being placed into Administration. The resulting engagement letter being signed on 27 January 2020 by Nicholas Hanson on behalf of the Board.
Administrators' statement of proposals (2020-04-20) · Companies House register