Eterniti Motors Limited (07382259): administration
- Status
- Administration ended
- Administration began
- 2013-11-29
- Administrators
- Julian Pitts, Nicholas Edward Reed
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2010-09-21
- Location
- Leeds
- Industry
- 29100 Manufacture of motor vehicles
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company developed a package of enhancements to change an upmarket SUV from tts factory standard appearance and fittings, to that of a bespoke individual vehicle Due to the premium price the product would command the Company put considerable investment tn to fitting out its leasehold premises as a showroom and workshop in addition to marketing and promotional material, including its website Whilst there was considered to be a small market for such modified vehicles in the UK, the principle market was considered to be the Far East, where the founders of the business originate and were aware that such individual vehicles would appeal to the affluent people in that region
The reasons for the Company’s insolvency
The reasons for the Company's insolvency are stated above in Section 3
Administrators' statement of proposals (2014-02-04) · Companies House register