Pippin Street Limited (06809155): administration
- Status
- Administration ended
- Administration began
- 2012-11-21
- Administrators
- Andrew David Dick, Julian Pitts, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2009-02-04
- Location
- Leeds
- Industry
- 47190 Other retail sale in non-specialised stores
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
- Weather / natural events
From the administrators' statement
The Company was incorporated tn 2009 and remained dormant until tt was used to acquire an established business known as Whiteleys Garden Centre, situated in Mirfield, West Yorkshire, in late 2010, from Woldelve Limited — In Administration
Funding for the £2 4Million acquisition was via a mortgage from Santander UK Plc (“the Bank”) of £1 3Mitlion with the balance being introduced by shareholders The Bank also provided a £250,000 working capital facility by way of overdraft
Whiteleys Garden Centre was a long established business that had suffered in the economic downturn after 2008, resulting in it entering a CVA in 2009 then Administration in 2010 For the avoidance of doubt, the directors of Pippin Street Limited were not part of the management of the previous owning company, Woldelve Limited
Administrators' statement of proposals (2013-01-24) · Companies House register