Car Mats 2 FIT Limited (06851919): administration
- Status
- Administration ended
- Administration began
- 2013-09-05
- Administrators
- Craig Johns, Jason Mark Elliott
- Administrators' firm
- Elliott of Cowgill Holloway Business Recovery
- Incorporated
- 2009-03-19
- Location
- Bolton
- Industry
- 29320 Manufacture of other parts and accessories for motor vehicles
Why it went into administration
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated in 2009 by Nicola Shepherd who was the sole shareholder The business initially was a retailer of car mats to the general public primarily through online retail websites such as EBay The car mats were manufactured by a third party, but due to historic supply issues, in January 2011, it was decided to diversify into
manufacturing, in order to control the supply chain and reduce costs
In order for this to happen, further investment in the business was required and, in January 2011, Mr Cart Brown invested £50,000 in the business in return for a 35% share and, in addition, Mr Brown was appointed as a director Subsequently, sales increased and it was decided to purchase further machinery, including a cutting machine for £72,000, to increase the manufacturing capacity In addition, the Company moved to larger premises
Administrators' statement of proposals (2013-10-16) · Companies House register