Hudsons of England Ltd (07632753): administration
- Status
- Administration ended
- Administration began
- 2016-06-15
- Administrators
- Molly Monks, Darren Brookes
- Administrators' firm
- Boardman Partnership
- Formerly
- Alpha Consultants Limited
- Incorporated
- 2011-05-12
- Location
- Hale
- Industry
- 23410 Manufacture of ceramic household and ornamental articles
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
Following the purchase of the business in October 2011, the directors were confident that the business could become a profitable venture The Company had an excellent reputation for providing high quality goods and had a solid customer base The directors had always looked for additional finance as they wanted to market the Company and Its brands worldwide and employ a sales team to expand the business One of the directors, Mr Shirley, spent many hours trying to encourage potential investors to achieve these goals In 2014, Annvita In China decided to invest in the business, however, the majority of their investment was used to pay off past debt and the ongoing investment received did not allow the Company to build up any cash reserves in order to make the required changes
lam advised that during late 2015 through to early 2016 continual efforts were made to find further investors | am also advised that the Company entered 2016 with poor cash flow and, along with many manufacturers, hit a number of problems as detailed below which affected the Company’s financial position In late 2015/early 2016, the wage costs increased by approximately 12 5% due to the introduction of the living wage and contributions that had to be made to the employees’ work place pension scheme It was not possible to increase sales prices in order to accommodate these costs and therefore profit margins were significantly reduced Hudsons of England Limited - in Administration 3) MPAA BOAR oAtAn & EARTNERS
Camorate Rawvery
Administrators' statement of proposals (2016-08-02) · Companies House register