# Discovery Foils Limited (07499972)

> Why UK company 07499972 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07499972

- **Status:** Administration ended
- **Administration began:** 2013-07-12
- **Administrators' firm:** KPMG
- **Incorporated:** 2011-01-20
- **Location:** Birmingham
- **Industry:** 18129 Printing n.e.c.

## Why it went into administration

- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
- Sustained trading losses

## From the administrators' statement

The Company was incorporated on 20 January 2011 to acquire the business and assets of a division of Novelis UK Limited based on the site in Bridgnorth The Company was a foil packaging manufacturer producing primarily for the confectionery industry and also coats foil trays for the food industry The Company’s three key customers accounted for approximately 80% of the Company’s turnover at the time of the Admunistrators’ appointment

The Company had accumulated significant creditor arrears following a sertes of loss making months since the Company’s incorporation in January 2011 Having agreed payment plans with a number of key creditors, the Company had come under significant creditor pressure following the breach of a number of these agreements Notwithstanding Management’s efforts to turn the business around and make mayor cost savings, the Company’s break even position was not sufficient to generate the cash required to clear the significant arrears and a number of suppliers had placed the Company on stop or would only supply on a proforma basis

RBSIF (‘the Bank’) are the facility provider and had exposure of £1 1 million at the time of the Administrators’ appointment against an invoice financed debtor ledger of £1 9m The Bank holds a fixed and floating charge over the Company’s assets The Bank has now been repaid in full from book debt realisations

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07499972/filing-history/MzA4NDAzNjE3MWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07499972

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.