Present London Co Limited (06619805): administration
- Status
- Administration ended
- Administration began
- 2016-05-03
- Administrators' firm
- Insolvency Squared
- Formerly
- ES Present Limited; Blue Furze Limited
- Incorporated
- 2008-06-13
- Location
- Oxford
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Competition / price pressure
- Bad debts / customer insolvency
From the administrators' statement
Present London Co Limited (hereinafter referred to as “the Company”) was incorporated on 13 June 2008 as an up-market retailer of hard-to-find quality men’s clothing by the directors Edmund Prendergast ("EP") and Steve Davies (“SD”), who between them had more than 50 years’ experience in the international menswear market EP had founded “The Duffer Of St George’, a clothing company which has reached turnover of £42millton annually with stores in London, Japan and operated a successful license agreement with Debenhams
Upon incorporation, rental premises were secured at 140 Shoreditch High Street, London E1 6JE, as this area was believed to be emerging as London's newest fashion hotspot The shop immediately attracted a clentele amongst early adopters, and both national and international fashionistas, looking for international brands they could not find anywhere else in the marketplace It was there that Present found their niche in the market place
The Company was financed by EP, in the form of an initia! £200,000 joan This loan was increased over subsequent years to in excess of £400,000 Any remuneration patd to the directors was set against the loan, so in the case of EP he was paying himself from his own funds, drawn down as loan repaid rather than a separate salary The Company never had any external funding or bank loans
Administrators' statement of proposals (2016-06-16) · Companies House register