Tile and Stone Depot Limited (06788124): administration
- Status
- Administration ended
- Administration began
- 2014-06-06
- Administrators' firm
- BM Advisory
- Incorporated
- 2009-01-12
- Location
- London
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
- Creditor pressure / legal action
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
21. The Company was incorporated on 12 January 2009 and operates 21 stores in South East England, retailing ceramic and porcelain tiles with all associated tools and products, as
well as wooden and underfloor heating
22. During the early part of 2013, the majority of the industry was impacted by decreased sales, as well as increasing pressure on margins. The Company suffered significant losses as a result of these poor economic conditions and with increasing competition experienced significant pressure on ts cash flow. At this time, the Company was able to implement a number of cost saving measures to reduce overheads by circa £500k per annum These measures included rent savings and the loss of 25 staff and two senor directors
Administrators' statement of proposals (2014-06-18) · Companies House register