N & C Ltd (06165643): administration
- Status
- Administration ended
- Administration began
- 2018-09-03
- Administrators
- Lee Van Lockwood, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2007-03-16
- Location
- Leeds
- Industry
- 47730 Dispensing chemist in specialised stores
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 16 March 2007, trading as a retail pharmacy with a 100 hour NHS contract (“the NHS Contract”) from a leasehold premises at 86 Promenade, Bridlington, East Yorkshire, YO15 2QL (‘the Property”). The Property is owned by an associated company, ‘Late Night Pharmacy Limited — in Administration’ (‘LNP”). Natalie Burgin and Deborah McGuiness are both directors and 50% shareholders of LNP. LNP owns 100% of the ordinary shares of the Company.
As well as providing general pharmacy services, the Company held a wholesale dealer's licence and wholesaling to a number of established pharmacy customers was historically a significant source of income.
The Company banked with Lloyds Banking Group ple (“the Bank”), which provided general banking facilities as well as a nominal overdraft facility of £8,500 to the Company. At the date of our appointment, the Bank had total lending of approximately £610,000 across LNP and the Company. The debt principally related to the purchaser of the Property and the shares of the Company by LNP. The tending is secured by way of Debentures (details below) in both companies, a Jegal mortgage over the Property and cross guarantees from the Company.
Administrators' statement of proposals (2018-09-20) · Companies House register