Commercial Tyre Solutions Limited (06820244): administration
- Status
- Administration ended
- Administration began
- 2011-04-27
- Administrators
- Ian Douglas Yerrill
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2009-02-16
- Location
- Ashford
- Industry
- 5030
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The Company was incorporated on 16" February 2009 and traded in the business of providing a service of fitting commercial tyres The Company’s target customers were local authonties and other blue chip companies
The Company initially traded from premises in Ikon Industrial Estate, Droitwich Road, Harlebury, Kidderminster and latterly from Sycamore Farm, The Hollow, Caverswall, Stoke on Trent STi1 9EE. It 1s understood that the lease for these premises was not held in the Company’s name and the rent payable by the Company for occupancy of the premises was £30,000, although no payments were ever made to the leaseholder in relation to same The Company’s bankers were HSBC Bank plc and the account was operated on a credit only basis with no overdraft or loan facility provided To assist with cash flow, in October 2009 the Company entered into a factoring agreement with Bibby Financial Services Limited, supported by a fixed and floating charge debenture registered on the Company’s file maintained by the Registrar of Companies
Initial trading was satisfactory and the Company’s monthly tumover was in the region of £75£100,000 Filed accounts for the period 1* March 2009 to 31‘ December 2009 indicate a £65,859 profit
Administrators' statement of proposals (2011-06-22) · Companies House register