Cozy Bay Ltd (06641823): administration
- Status
- Administration ended
- Administration began
- 2017-01-23
- Administrators' firm
- Antony Batty
- Incorporated
- 2008-07-09
- Location
- London
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Weather / natural events
From the administrators' statement
Cozy Bay Limited was incorporated on 9 July 2008. The Company was set up by Mr Zhao Penfei and Xiaoxia with the aim of building a brand to supply mid to high end outdoor furniture.
The Company was initially funded by the directors and has been supported from inception by the furniture production Company based overseas. In the first 2 to 3 years the Company invested heavily in marketing and branding and failed to break even, the directors injected their personal funds to keep the Company going. in 2013, the Company began to see the fruits of their investment as a sharp increase in sales contributed to the Company's turnover doubling year on year which provided profits for the first time in 2015,
With the promise of further sales in 2016 from new clients born from successful trade shows in the preceding year, the directors made the decision to upgrade the Company's software and website in order to make it easier, quicker and cheaper for the company to process customer and supplier orders. There were further funds spent at the time on further marketing initiatives.
Administrators' statement of proposals (2017-03-31) · Companies House register