LIV Supplies Limited (06242113): administration
- Status
- Administration ended
- Administration began
- 2017-07-07
- Administrators
- Patrick Alexander Lannagan, Conrad Alexander Pearson
- Administrators' firm
- Mazars
- Incorporated
- 2007-05-09
- Location
- Manchester
- Industry
- 47990 Other retail sale not in stores, stalls or markets
Why it went into administration
- Competition / price pressure
- Bad debts / customer insolvency
From the administrators' statement
The Company has traded since May 2007, supplying the local building trade with polycarbonate supplies, particularly window frames and doors, but also other items such as items for conservatories, roofing, etc.
The Company accounts have shown a profit of around £75k for the last couple of years, and the draft accounts for the year ending December 2016 also showed a profit of around £80k. Despite the financial position, over the Jast few months, the Directors decided to see whether they could achieve a solvent sale of their business and approached a former employee, Ms Wright, to see whether she would be interested in purchasing the business.
Following some initial meetings with the Directors, the proposed purchaser agreed that the business would be of interest to her and she began to look at how the business acquisition could be financed, including seeking an alternative funder for the business going forward, as the Directors had historically used Barclays, who provided them with an invoice discounting
Administrators' statement of proposals (2017-08-21) · Companies House register