Midas of Bolton Limited (07391394): administration
- Status
- Administration ended
- Administration began
- 2017-05-31
- Administrators
- Alan Brian Coleman, Tracey Howarth
- Administrators' firm
- FTS Recovery
- Incorporated
- 2010-09-29
- Location
- Trinity Way
- Industry
- 47770 Retail sale of watches and jewellery in specialised stores
Why it went into administration
- Weak consumer demand
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated in September 2010. It traded as a jewellery retail business, with shops in Botton and Knutsford. The jewellery retail trade has been declining for several years with more people purchasing jewellery products online. The footfall in the Bolton store has been declining and the shopping centre where the unit is based has seen a number of stores closing down.
The Company began experiencing cashflow constraints in recent months. As a result, the Director took advice on the solvency of the Company from Tracey Howarth of Carter Halliwell Limited. On 12 May 2017, the date that the Company engaged the proposed Administrators, the Director decided to close the Bolton shop to stem the losses that were being incurred. Six members of staff were made redundant at the Bolton store and stock was moved to the Company's Knutsford store.
Initial introduction
Administrators' statement of proposals (2017-08-10) · Companies House register