Bianca Fashions Limited (06784543): administration
- Status
- Administration ended
- Administration began
- 2013-05-22
- Administrators
- Ninos Koumettou
- Administrators' firm
- Begbies Traynor
- Formerly
- GEM Wear Limited
- Incorporated
- 2009-01-07
- Location
- London
- Industry
- 46420 Wholesale of clothing and footwear
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was formed on 7" January 2009 as Gem Wear Ltd and changed its name on 10" February 2009 when it commenced to trade On 4" March 2009 the Company bought the order book and assets of Alena Limited from administrators for £300,000
In the first trading period to 31 January 2010 the Company made a small profit of £24,000 Trading was hampered by having to find new production units in Vietnam and Europe Historically the majority of production was from Vietnam but this could not be replaced in time and orders already taken by Alena had to be transferred to Europe having a negative effect on profits
Orders for Spring 2010 were below expectations but orders for the Autumn were reasonably strong although this could not fully offset the first half losses and trading to 31 January 2011 produced a Joss of £181,000 The business was financed with the help of its principal customer through letters of credit (“LC”) as the Company was unable to secure any banking facilities
Administrators' statement of proposals (2013-07-16) · Companies House register