Cassellie Limited (06932739): administration
- Status
- Administration ended
- Administration began
- 2021-09-03
- Administrators
- Kristian Shuttleworth, Clare Boardman
- Administrators' firm
- Teneo
- Incorporated
- 2009-06-12
- Location
- Birmingham
- Industry
- 46740 Wholesale of hardware, plumbing and heating equipment and supplies
Why it went into administration
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The Company failed to gain traction in the market following its acquisition by the Group in February 2018 and suffered further problems in 2020 as the COVID-19 pandemic hindered operational turnaround strategies identified by Management.
Recent issues including freight disruption, availability of shipping containers, and the escalation of shipping rates have all significantly impacted the Company's trading performance during 2021.
This decline in the Compar.,y’s trading performance caused the Group to be unable to mee? its obligations under its secured debt facilities. Accordingly, the Directors approached the Bank and Lonsdale to discuss the options available to address the Company's financial position.
Administrators' statement of proposals (2021-11-03) · Companies House register