The Source (Hastings) Limited (07156013): administration
- Status
- Administration ended
- Administration began
- 2023-08-29
- Administrators
- Nicholas Holloway, William James Wright
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2010-02-12
- Location
- London
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Funding withdrawn / unable to refinance
- COVID-19
- Supply chain disruption
- Weak consumer demand
- Rising costs / inflation
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Company was incorporated and commenced trading on 12 February 2010. The Company trades from leasehold premises on the seafront in Hastings, where there is a shop and underground skatepark. Additionally, the Company leases its head office, which is also located in Hastings, and employs 73 people.
3.2 Funding and financial position of the Company
At the date of our appointment, the Company owed the Bank £4.8 million before interest and termination charges. This comprised a £1.4 million overdraft facility and a £3.4 million clean import loan facility, both of which were secured by fixed and floating charges over the assets of the Company. We understand that this security is cross collateralised over the assets of the Company’s immediate parent, TSHH. The initial charge over the assets of the Company was registered on 22 March 2010, with a further charge registered in TSHH on 26 August 2020. The Bank’s security is in the process of being independently reviewed.
Administrators' statement of proposals (2023-09-22) · Companies House register