Exec 7 Ltd (07194630): administration
- Status
- Administration ended
- Administration began
- 2012-02-22
- Administrators
- John Malcolm Titley, Andrew Poxon
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2010-03-18
- Location
- Bury
- Industry
- 2626
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 18 March 2010 and commenced to trade on 6 May 2010 The principal trading activity of the Company was the manufacture of ceramic fibre products for the gas fire industry
The Company purchased the business and assets of Gas Glo Ceramics Limited (“Gas Gio”) from tts administrators The current directors and shareholders were unconnected to Gas Glo but retained some of the management team as operations managers In addition the shareholders acquired and assimilated the trading assets of the fireplace arm of Gnffin Interiors, a manufacturer of moulded fireplace products for the domestic UK and export markets The fireplace business had strong export demand to the Russian market and an agent was engaged with significant experience and history of dealing with the Russian customer
Despite initial trading losses the winter season of 2010/2011 proved profitable but less so than initially anticipated and insufficient to cover the seasonal summer ebb in trade Full year accounts show recorded losses of £128K The directors and shareholders took a more active role in the business and, as a result of third party pnvate investigation identified a number of potential irreguianties in trading due to malpractice Whilst it 1s difficult to quantify the cost to the Company, management estimate that losses amounted to circa £75,000 The relevant personnel were presented with the evidence and resigned with immediate effect
Administrators' statement of proposals (2012-04-19) · Companies House register