VM Corp. Ltd (06796547): administration
- Status
- Administration ended
- Administration began
- 2012-11-26
- Formerly
- Pound OR 2 & A BIT More Limited
- Incorporated
- 2009-01-20
- Location
- London
- Industry
- 47190 Other retail sale in non-specialised stores
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was formed in January 2009 and a tenancy agreement in respect of the South Harrow premises was entered into by the Company in October 2009 though the unaudited financial statements for the period from incorporation to 31 January 2010 indicated no trading activity
The financial statements from 1 February 2010 to 31 March 2011 provided encouraging levels of turnover in excess of £1 38 million, but the Company earned only a small net profit of £6,890
With the continuing support of QIB, the management were keen to expand the business and sought new premises In the West and North London areas and further tenancy agreements were agreed with landlords at the Hayes and Watford premises in 2010 and finally, the Hounslow premises in 2011
Administrators' statement of proposals (2013-01-24) · Companies House register