GR@ND Limited (06565740): administration
- Status
- Administration ended
- Administration began
- 2013-05-10
- Administrators
- Bethan Louise Evans, John Dean Cullen
- Administrators' firm
- Menzies
- Incorporated
- 2008-04-15
- Location
- Cardiff
- Industry
- 47110 Retail sale in non-specialised stores with food, beverages or tobacco predominating
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 15 April 2008 It previously operated two stores, the first store opened in January 2009 tn Gilfach Goch This shop faced cash flow problems almost immediately after it opened due to a lack of working capital The Company found itself in a position where it was unable to meet the monthly suppler payments, which lead to a backlog of payments with their suppliers
The suppliers eventually placed the account on stop due to the backlog and requested that the Company pay monthly instalments to reduce the outstanding balance on account and any new deliveries required upfront payment The Company struggled to afford the upfront payments, so in order to continue to trade, the directors had no other option but to fund the monthly expenditure of stock themselves
A second store in Griffithstown became available in 2009, whtch the directors saw as a good opportunity for the Company The directors signed the lease for the trading premises in November of that year
Administrators' statement of proposals (2013-07-15) · Companies House register