Direct Access International Limited (06967397): administration
- Status
- Administration ended
- Administration began
- 2013-11-11
- Administrators' firm
- RSM
- Incorporated
- 2009-07-20
- Location
- Hatters Lane
- Industry
- 70229 Management consultancy activities other than financial management
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
We are advised that the Company was incorporated on 20 July 2009 under Company Registration Number 06967397 for the purposes of being the trading vehicle for the sale of automotive parts to a single large national fleet operator.
Initial trading was inline with the expectations of management, with turnover and profit steadily growing year on year for the accounting periods to 31 October 2012 The Company utilised the services of Pulse Cashflow Limited for invoice discounting to assist with cashflow due to its customer requiring payment terms of 90 days
The Directors have advised that trading difficulties were first experienced in July 2013 when following a long running dispute with the Company's main customer, payments for previously undisputed Invoices were stopped This resulted tn significant cashflow difficulties, with the directors unable to provide the required level of additional working capital from personal funds and a request to Barclays Bank Plc for additional funding was declined As a result of this, creditor payments were unable to be maintained and the directors took steps to seek informal payment plans with creditors whilst additional funding was sought
Administrators' statement of proposals (2014-01-02) · Companies House register