Pheasant Clothing Holdings Limited (07121485): administration
- Status
- Administration ended
- Administration began
- 2020-08-05
- Administrators
- Christopher Robert Pole, William James Wright
- Administrators' firm
- KPMG
- Formerly
- Wills Lifestyle Holdings Limited
- Incorporated
- 2010-01-11
- Location
- London
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
Wills Lifestyle Holdings Limited was incorporated on 11 January 2010. The Company was set up to hold 100% of the shares in Jack Wills Limited (“JVWL”), which is also in administration.
It is understood that over the last 18 months, the Group experienced cash flow difficulties, largely attributable to poor trading conditions on the high street. In 2018, BlueGem brought in the current CEO to effect a turnaround plan for the business. The current CFO, was also brought in May 2019 to address the performance of the business.
The Company held a revolving credit facility with HSBC which it on lent to Jack Wills Limited.
Administrators' statement of proposals (2019-09-02) · Companies House register