Floor MY Home Limited (06431362): administration
- Status
- Administration ended
- Administration began
- 2011-08-24
- Administrators
- Ian Michael Pankhurst, Jeremy Bowden
- Administrators' firm
- KPMG
- Incorporated
- 2007-11-19
- Location
- Loughton
- Industry
- 7487
Why it went into administration
- Cash flow / liquidity pressure
- Weak consumer demand
- HMRC / tax arrears
- Creditor pressure / legal action
- Over-expansion / investment not recovered
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated in November 2007 It commenced trading in April 2008 when it purchased 89 stores from the Administrators of Floors 2 Go Limited which had gone into administration in March 2008. The principal directors of the Company, Robert and Richard Hodges, had themselves founded the original Floors 2 Go business in 1999 It had expanded from tts initial cash and carry operation into retail superstores in prime locations before being floated on the stock exchange and sold to private investors in 2006 The Company traded as a retailer of wood flooring, selling laminate and wooden flooring, carpets, underlay, beading, door bars, rugs and door mats
During the first six months of trading the shareholders conducted a review of the Company’s Operations and recruited a new management team A comprehensive review of the product base was completed in January 2009 and profitability gradually increased as new products were slowly introduced into the business The year ending 31 July 2009 saw a profit of £853,000 on
FLOOR MY HOME LIMITED ADMINISTRATORS REPORT TO CREDITORS 17 OCTOBER 2011
Administrators' statement of proposals (2011-10-21) · Companies House register