One Year Limited (06772345): administration
- Status
- Administration ended
- Administration began
- 2011-12-08
- Administrators
- Daniel Francis Butters, Adrian Peter Berry, Neville Barry Khan
- Administrators' firm
- Deloitte
- Formerly
- Second & Third Limited
- Incorporated
- 2008-12-12
- Location
- Leeds
- Industry
- 7487
Why it went into administration
- Weather / natural events
From the administrators' statement
The Group faced a downturn in trading as a result of the current difficult economic trading conditions This was exacerbated by the unseasonably mild weather in the weeks leading up to the appointment of the Joint Administrators meaning sales of winter stock lines (traditionally generating higher margins) fell short of forecast, resulting in significantly lower cash generation
The Directors sought advice from Cavendish to investigate the possibility of disposing of part of the business for value In October/November 2011, Cavendish were engaged to perform an accelerated merger and acquisition process which examined the disposal of the Priceless business A number of interested parties were contacted by Cavendish and were provided with information on the Priceless business However, the Companies’ cash flow position worsened during November, ultimately impacting the Companies’ ability to pay Its creditors as and when they fell due
Based on professional advice, the Directors of the Companies concluded that, given the circumstances, the Administration of the Companies was the best option
Administrators' statement of proposals (2012-01-25) · Companies House register