Allantone Supplies Limited (06930113): administration
- Status
- Administration ended
- Administration began
- 2013-12-24
- Administrators
- Christoper Kenneth Williams, Andrew Mctear
- Administrators' firm
- Begbies Traynor
- Formerly
- Allantone Supplies (2009) Limited; Allantone Supplies Limited
- Incorporated
- 2009-06-10
- Location
- Norwich
- Industry
- 46719 Wholesale of other fuels and related products
Why it went into administration
- Funding withdrawn / unable to refinance
- Weather / natural events
- Over-expansion / investment not recovered
From the administrators' statement
The Company was incorporated on 11 June 2009 with the principal trade being the wholesale and supply of marine fuels and related products Trading commenced in July 2010 with one sea going tanker and after two highly profitable years the Company was able to purchase two dumb barges and three more sea going tankers to service the growing offshore renewable sector
This rapid growth required significant working capital which put pressure on cashflow As a result the Company entered into an invoice finance agreement with RBS Invoice Finance Limited (“RBSIF”) and trade picked up and the Company was able to repay that facility in July 2013 releasing the security held by RBSIF
Administrators' statement of proposals (2014-02-17) · Companies House register