BE Truck Bodies Limited (07856722): administration
- Status
- Administration ended
- Administration began
- 2014-10-07
- Administrators' firm
- Mazars
- Formerly
- B E Bodies Limited
- Incorporated
- 2011-11-22
- Location
- Manchester
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company was incorporated in November 2011 with a view to building and carrying out repairs on truck bodies for the logistics and distribution industries The main source of work was received from dealer manufacturers, which accounted for 80% to 90% of the Company’s income 1n the first year
Losses were made in the first year which hampered cash flow As there was limited working capital available to fund the business, the directors approached an investor who injected £90,000 into the business to assist with cash flow This, together with an invoice discounting facility from Lloyds Commercial Finance (“Lloyds CF’ ), seemed to help ease the Company's financial predicament in the short-term
However, to add to pressures on cash flow, new legislation was brought in which meant that more stringent measures were put in place in order to work for dealers This cost the Company an additional £30,000 In addition, the Company’s main customer reduced their credit limit which effectively reduced the cash position by a further £80,000
Administrators' statement of proposals (2014-11-26) · Companies House register