Kingsley Brands Limited (07281301): administration
- Status
- Administration ended
- Administration began
- 2019-03-29
- Administrators
- Chris Ferguson
- Administrators' firm
- RMT Accountants & Business Advisors
- Formerly
- Maymask (162) Limited
- Incorporated
- 2010-06-11
- Location
- Newcastle upon Tyne
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Property / lease costs
- Sustained trading losses
- Parent or group failure
- Weather / natural events
From the administrators' statement
The Directors initially approached RMT to provide advice to the Group in relation to a proposed financial and operational restructuring of the business. At that time the Group had almost concluded a settiement with the landlord of its store in Liverpool Street Station, London, to accept a compensation payment of £365k for the imposed relocation of this store to a nearby location, which the Directors considered would help fund the business whilst the restructuring was implemented.
As part of the restructuring the Directors believed they could agree compromised rents with landlords at loss making stores, together with strategic exits from other stores and the Directors, together with their internal accountant, had prepared a detailed strategy to implement their turnaround.
In that time the Directors successfully implemented a number of cost saving and operational restructuring initiatives that helped to reduce the loss-making position of the Group and, in addition, allowed it to invest in its online e-commerce platform as part of transitioning its business model towards its online offering.
Administrators' statement of proposals (2019-05-09) · Companies House register