Dodge Interiors Limited (07468285): administration
- Status
- Administration ended
- Administration began
- 2017-11-22
- Administrators
- Timothy Alexander Close
- Administrators' firm
- Grant Thornton
- Incorporated
- 2010-12-13
- Location
- Taunton
- Industry
- 47599 Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store
Why it went into administration
- Shift to online / high-street decline
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company commenced trading as a high end retailer of sofas and chairs, carpets and flooring and fabrics and wallpapers in 2011 when it purchased the business and assets of Dodge and Sons Limited, a third generation business. The Company has continued to operate from the prior company’s site, at Cheap Street in Sherborne, and has used the trading name of ‘Dodge’ due to the long standing goodwill attached to it.
Since incorporation the Company has experienced difficult trading conditions, as with many retailers, and has published mixed results on a year on year basis. The year to December 2016 saw the Company achieve a modest profit; however in the period prior to Administration the Company management accounts indicated a net loss of £83,341.
The Company’s sales were low in the period prior to the Administration and this had the effect of reducing gross profit. Although the Company had been able to ‘trim’ down overheads, the underlying fixed costs of the business remained at approximately £27,000 per month and sales were insufficient to achieve a net profit in all but one month of 2017.
Administrators' statement of proposals (2018-01-11) · Companies House register