House of Shoes Limited (06779797): administration
- Status
- Administration ended
- Administration began
- 2011-05-04
- Administrators' firm
- Kallis & Company
- Incorporated
- 2008-12-23
- Location
- London
- Industry
- 5243
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company traded as a shoe retailer, from 4 stores during its tenure of trading Mr Costas Constantinou was a director of Bonustrend Limited, a company that went into liquidation and which had formerly traded the stores There were 3 stores in London (Canary Wharf, Chelsea and Brent Cross) and 1 store in Liverpool The Company also maintained a warehouse and head office, both of which were located in London The shop located in Liverpool closed in September 2009 and was followed by the closure of the shop in Chelsea, London in September 2010
All premises were agreed on a concessionary basis, and as other tenants were found the landlords withdrew the concessionary rents The Company could not afford to continue trading from the stores at the higher rents and therefore had to closedown As stores were closing the Company fell behind with its scheduled payments resulting in an accrual of liabilities
At the beginning of March 2011, the Brent Cross landlord gave the Company notice that the rent was to be increased from £100k to £250k When no agreement could be reached with the landlord, the shop had to close Brent Cross accounted for 65% of the Company’s turnover Without this revenue stream the Company could not afford to continue trading The warehouse and head office could not be maintained by the one remaining store and therefore there was no alternative but to close them
Administrators' statement of proposals (2011-05-17) · Companies House register