Havebike Ltd (07634765): administration
- Status
- Administration ended
- Administration began
- 2022-03-14
- Administrators
- Alan John Clark
- Administrators' firm
- Have Bike Partnership (uk)
- Incorporated
- 2011-05-16
- Location
- Essex
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- COVID-19
- Supply chain disruption
- Cash flow / liquidity pressure
From the administrators' statement
The directors advised that the Company had become insolvent due to a number of reasons. The company had traditionally been funded by the holding company. The holding company was no longer in a position to provide further working capital. The original intention was that the Company would be self funding by now. This had not occurred due to the effects of the pandemic.
The company’s business was reliant upon commuters. When the pandemic struck, offices closed and therefore the company’s clientele was no longer coming into London. The Company tried to overcome this by extending the area where collection was available. With the rise of the Omicron variant London became virtually deserted again from October 2021 until late January 2022. The company's
revenue saw a decline to the point where it was unable to cover overhead expenses.
Administrators' statement of proposals (2022-04-07) · Companies House register