D. S. I. Foods Limited (06777683): administration
- Status
- Administration ended
- Administration began
- 2020-12-04
- Administrators
- Benjamin John Wiles, Philip Joseph Dakin
- Administrators' firm
- Kroll
- Incorporated
- 2008-12-21
- Location
- London
- Industry
- 10890 Manufacture of other food products n.e.c.
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Competition / price pressure
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
• In 2018, the Company sought to expand its product offering into frozen products for the airline industry and major UK retailers by opening a new production facility in Heston, near Heathrow Airport, which increased the Company’s capacity to be able to prepare c.45,000 meals per day.
• The construction of the Heston facility was financed using a combination of the Company’s reserves and asset finance provided by Lombard in July 2018 totalling c.£4.4m.
• The Company’s overheads increased substantially during 2019 due to the opening of the new facility which was primarily established to supply and grow its retail customer base and resulted in a net loss of £1.1m for the year ended 31 December 2019.
Administrators' statement of proposals (2020-12-16) · Companies House register