Retail Supply Group Limited (06478988): administration
- Status
- Administration ended
- Administration began
- 2013-09-27
- Administrators
- William James Wright, Mark Jeremy Orton
- Administrators' firm
- KPMG
- Formerly
- Hamsard 3104 Limited
- Incorporated
- 2008-01-21
- Location
- Birmingham
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
During late 2012 and thioughout 2013, the Group experienced difficult tiading conditions as a result of a decline in sales orders fiom key customers, rising raw matetial prices and adverse foreign exchange movements, compounded by the structure of the Group’s finanemg facilities Consequently, management identified a short term funding requirement of around £12 million above its existing facilities nm August 2013. The Group, acting by its board of directors, was in ongoing dialogue with the Bank 1egarding their funding requiiements. However, the Bank confirmed that they were unwilling to provide further funding to support the Group at the level required.
AS a consequence of the above events the Group engaged KPMG in September 2013, to tun an Early Options process which included marketing the Group foi sale or investment to potential purchasers and alternative lenders.
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Administrators' statement of proposals (2013-11-22) · Companies House register