Spartan Motor Factors Ltd (07621035): administration
- Status
- Administration ended
- Administration began
- 2020-03-13
- Administrators
- Richard Michael Hawes, Matthew James Cowlishaw
- Administrators' firm
- Deloitte
- Formerly
- Spartan Car Parts Ltd
- Incorporated
- 2011-05-04
- Location
- Birmingham
- Industry
- 45320 Retail trade of motor vehicle parts and accessories
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company began experiencing a decline in trading performance in 2019. This was largely attributed to insufficient working capital to purchase new stock, resulting in the Company's inability to fulfil orders teading to the loss of customers. This decline in performance made it even more difficult for the Company to meet its debt commitments.
Towards the end of 2019, the Company was experiencing severe pressure from HMRC in respect of unpaid taxes. In addition, creditors were placing the Company on stop for new supplies as a result of nonpayment.
In November 2019, following the identification of a cash requirement, the Company secured £350,000 funding from Development Bank of Wales’ (‘DBOW”) Rescue & Restructuring Fund. The Company re-approached DBOW a month later, securing a further £100,000.
Administrators' statement of proposals (2020-05-20) · Companies House register