RFD (Realisations) Limited (06283566): administration
- Status
- Administration ended
- Administration began
- 2012-03-01
- Administrators
- Ian David Green, Lyn L Vardy
- Administrators' firm
- PwC
- Formerly
- Rock Farm Dairy Limited
- Incorporated
- 2007-06-18
- Location
- Leeds
- Industry
- 1551
Why it went into administration
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was formed in 2007 to process and bottle milk and cream for distribution across the North East of England and grew rapidly following the receivership of Dairy Farmers of Bntain Limited and the cessation of trade at Blaydon Dairy Annual turnover was £17 milhon in the year prior to the Administrators appointment
The Company experienced significant levels of bad debt and difficulties in obtaining payment from existing customers dumng 2011. This together with the pressure of increasing raw milk prices and competitive North East liquid milk retail and wholesale market resulted in trading losses and cashflow pressure. The directors took steps to improve cashflow including seeking payment from defaulting customers and sources of short term funding, but these were not successful and as a result the directors formed the view that the Company was insolvent and unable to continue to trade.
Administrators' statement of proposals (2012-04-19) · Companies House register