Motor Headhunter Limited (06014319): administration
- Status
- Administration ended
- Administration began
- 2013-03-14
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-11-30
- Location
- Brighton
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- Sustained trading losses
From the administrators' statement
Moter Headhunter Limited (MHH) was incorporated in November 2006 by the director The Company sourced prestige cars for individuals and was set up to act as a purchasing service to UK customers who did not wish to deal with traditional forecourt dealers
In 2008 Mamex West Ltd, which later became Mamex Investments Ltd (MIL) purchased 30% of the business The business contmued to principally trade in the UK market until 2010, at which point tts focus shifted towards export to East Africa and then parts of Asia By the end of 2010 it had become clear that the export part of the business was more profitable than UK sales which had been heavily affected by the economic downturn At this point the business expanded to incorporate a sales team to fulfil increasing demand
Due to the nature of vehicle exports the Company's sales were VAT exempt, although Its vehicle purchases in the UK were subject to VAT, which would then be re-claimed from HM Revenue & Customs This VAT recovery cycle meant that the Company required significant working capital to fund ongoing sales
Administrators' statement of proposals (2013-05-21) · Companies House register