TWS (Selby) Limited (06914802): administration
- Status
- Administration ended
- Administration began
- 2019-06-04
- Administrators
- Michael Christian Kienlen, Robert David Adamson
- Administrators' firm
- Internet Consultants & Associates
- Incorporated
- 2009-05-26
- Location
- Leeds
- Industry
- 47520 Retail sale of hardware, paints and glass in specialised stores
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
TWS (Selby) Limited (“the Company”) was incorporated on 26 May 2009 and operated as a UPVC window installation business from leasehold premises owned by the Director’s pension fund. It employed 75 members of staff at its height including Tony Grindley (“the Director”) and his wife, Carol Grindley (“the Secretary”).
Trading had been profitable for many years. However in 2016, a manufacturing facility was set up in Bangholme and this investment resulted in the Company experiencing losses in the year ending May 2017. December 2017 saw a very long and cold winter, which had a devastating effect on the Company’s operations and cash flow, which resulted in the Company falling behind with it’s payments to H M Revenue & Customs (“HMRC”) in respect of VAT and PAYE.
In early 2018, the Company was subject to a VAT inspection, where it transpired that errors had been made whilst accounting for VAT in 2014-2015. These errors had resulted in over £150,000 being due to HMRC, in addition to the 2017 arrears.
Administrators' statement of proposals (2019-06-26) · Companies House register