Independent Living Aids Ltd (06710399): administration
- Status
- Administration ended
- Administration began
- 2013-09-27
- Administrators
- William James Wright, Mark Jeremy Orton
- Administrators' firm
- KPMG
- Formerly
- Independant Living Aids Ltd; Glopac (Mobility) Limited
- Incorporated
- 2008-09-29
- Location
- Birmingham
- Industry
- 47749 Retail sale of medical and orthopaedic goods in specialised stores (not incl. hearing aids) n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Loss of a key customer, supplier or contract
From the administrators' statement
During late 2012 and throughout 2013, the Group expenenced difficult trading conditions as a result of a decline in sales orders from key customers, rising raw material prices and adverse foreign exchange movements, compounded by the structure of the Group’s financing facilities Consequently, management identified a short term funding requirement of around £12 million above its existing facilities im August 2013 The Group, acting by its board of directors, was in ongoing dialogue with the Bank regarding their funding requirements 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 mun an Early Options process which included marketing the Group for sale or investment to potential purchasers and alternative lenders
KPMG LLP 19 November 2013
Administrators' statement of proposals (2013-11-22) · Companies House register