Base Retail Limited (06466914): administration
- Status
- Administration ended
- Administration began
- 2014-02-03
- Administrators
- James Richard Tickell, Carl Derek Faulds
- Administrators' firm
- Leonard Curtis
- Formerly
- Goldstop Limited
- Incorporated
- 2008-01-08
- Location
- Fareham
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Weak consumer demand
- Funding withdrawn / unable to refinance
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The company was incorporated and commenced trading in 2008 The business was initially a men’s clothing retailer and latterly included children’s clothing Trading took place from nine stores, the addresses of which can be found at Appendix A, employing over 100 people Latterly sales were increasingly made through a website
The company was funded from incorporation by a mixture of bank finance and finance provided by the shareholders either directly or through associated companies The funding requirement varied according to seasonal trading Barclays Bank provided a loan until recently standing at £400k and an overdraft facility of up to £400k, secured by a full debenture on the company’s assets, cross guarantees from related companies and shareholders personally The shareholders provided loan facilites of up to £300k, latterly provided through an associated company, Base Childrenswear Limited, which also supplied much of the company’s stock This funding was secured by a charge over the company’s assets behind Barclays and connected creditor charges (although no debt is outstanding to these connected creditors)
A summary of the recent trading results is set out below
Administrators' statement of proposals (2014-02-12) · Companies House register