A & M Softwoods Limited (07380701): administration
- Status
- Administration ended
- Administration began
- 2011-12-22
- Administrators
- Lisa Jane Hogg, Gemma Louise Roberts
- Administrators' firm
- Wilson Field
- Incorporated
- 2010-09-20
- Location
- Sheffield
- Industry
- 5153
From the administrators' statement
Peter Meadows, having worked in the Timber trade all his life, started up A & M Timber with a former colleague, Keith Austin in 2009 This was conducted from the Peter Meadows’ home address A&M Softwoods Limited was formed in late 2010 with Peter's wife as the Director The partnership was dissolved and the business moved into porta-cabins at neighbouring Manor Farm A & M Softwoods Limited traded as a wholesaler in home grown and imported timber Problems were encountered with the setting up costs including computers and a software programme This was bought to cover the stock that would now be held in vartous different sites Staff were employed in February 2011, an administrator and two sales people With a new company, cash flow has always been tight and by late summer it was very stretched The sales staff were not covering their costs, let alone making a profit for the firm One of the Company's debtors became insolvent and another one was being slow in paying The business cut back on staff and made as many cuts to the day to day running as possible, but had never been able to make up enough to improve cash flow
The directors concluded that the Company was insolvent and could not continue to trade The source of the Administrator’s initial introduction
The directors contacted Aldermore Invoice Finance regarding the company’s financial situation who referred the Company on to Wilson Field Limited
Administrators' statement of proposals (2012-02-23) · Companies House register