Westcoast 1 Limited (07834077): administration
- Status
- Administration ended
- Administration began
- 2013-05-03
- Administrators
- Paul Stanley, Jason Dean Greenhalgh
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2011-11-03
- Location
- Manchester
- Industry
- 46420 Wholesale of clothing and footwear
Why it went into administration
- Property / lease costs
- Creditor pressure / legal action
- HMRC / tax arrears
From the administrators' statement
The Company was a clothing retailer with approximately 21 stores around the country, all trading from leased premises It had been incorporated in November 2011, but commenced trading following the Liquidation of Westcoast (Derby) Limited, ‘Derby’ The leases with Derby had been disclaimed by its Liquidator and new leases granted to Westcoast 1 Limited This allowed the business to continue to trade However, in hindsight, the director believed that the leases granted were at an inflated rate in an attempt to set new levels of rent for incoming tenants
The director confirmed that there had been no payments to HMRC for PAYE/NIC and this was due to the lack of funds available caused by poor trading results and high rent payments There was also some VAT outstanding Despite the Company paying tts rent, it had also incurred debts the local councils for unpaid rates The director advised that two of the rating authorities at Merry Hill and Stratford were threatening legal action with a winding up petition being a possibility
There were also a small number of unpaid suppliers who would be able to claim ownership of their stock due to the terms and conditions in their contracts
Administrators' statement of proposals (2013-06-21) · Companies House register