Interior Contracts (Kitchens) Limited (06749960): administration
- Status
- Administration ended
- Administration began
- 2022-09-02
- Administrators
- Steven Muncaster, James Saunders
- Administrators' firm
- Kroll
- Formerly
- Urbantrade Limited
- Incorporated
- 2008-11-14
- Location
- Manchester
- Industry
- 43290 Other construction installation
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Regulatory change or action
From the administrators' statement
In light of the issues mentioned above, Kroll were engaged by the Bank on 10 November 2021 to undertake an Independent Business Review (‘IBR’) of the Company which included a high-level review of the historical trading performance of the business and its short-term cash flow forecast. Kroll were then engaged in March 2022 to undertake a further IBR to assess the Company’s financial position.
Following this review, the Company agreed repayment holidays with two of its funders in respect of the CBILS and also sought to obtain additional funding to ease the Company's cashflow pressures and contribute towards the ongoing working capital requirements of the business. However, the Company was unable to source any new funding.
In addition, the Company also looked to refinance its CID facility with more favourable terms although, due to the recent poor trading performance and sector dynamics, the Company was unable to source a new funder.
Administrators' statement of proposals (2022-11-02) · Companies House register