Lionhart (UK) Limited (07189663): administration
- Status
- Administration ended
- Administration began
- 2011-05-18
- Administrators
- John Christopher Sallabank, Paul Robert Boyle
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 2010-03-15
- Location
- Manchester
Why it went into administration
- Management failings / irregularities
From the administrators' statement
The company was incorporated on 15 March 2010 and commenced to trade from leasehold premises at Thongsbridge Mills, Miry Lane, Holmfirth, West Yorkshire The premises are leased to Matrix Media, a business under the control of Robin Hart, one of the directors of the Company. The principal trading activity was the supply of office products, predominantly toner and ink cartridges
The company traded successfully from commencement of trade In August 2010, tn order to assist with cash flow, the company made the decision to factor its book debts with Bibby Financial Services Limited (Bibby) In return for the facility Bibby were granted fixed and floating charges over all property and assets of the company. The original draw down limit on the factoring facility was agreed at £125,000. This amount Is personally guaranteed by Robin Hart
By the early months of 2011, the company was experiencing growth and was generating a greater volume of sales In order to accommodate the increase in demand the company made a request to Bibby to allow further funds to be released in order to free up more of the capital held in the book debts. Bibby permitted the company to make draw downs in excess of the agreed limit of £125,000 up to a maximum of approximately £220,000
Administrators' statement of proposals (2011-07-14) · Companies House register