Top Quality Storage Limited (07882008): administration
- Status
- Administration ended
- Administration began
- 2012-03-12
- Administrators
- John Christopher Sallabank, Paul Robert Boyle
- Administrators' firm
- Mazars
- Formerly
- Miami Trading Limited
- Incorporated
- 2011-12-14
- Location
- Manchester
Why it went into administration
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company traded from a 178,000 square foot rented warehouse at Fusion Point, Ash Lane, Garforth The principal trading activity of the Company was the warehousing of goods deposited by Its customers. The Company also assisted its customers in the collection and distribution of the goods stored in the warehouse facility
The Company was Incorporated on 14 December 2011 in the style Miami Trading Limited and subsequently changed its name to Its current style on 1 March 2012 The Company was used as a vehicle to continue to trade the business of Miami Storage Limited (‘MSL’) with effect from Christmas 2011 MSL was subsequently placed into creditors voluntary Itquidation on 15 February 2012 with Mr R D Adamson of Mazars, Leeds being appointed Liquidator The Joint Administrators had no involvement with the Company prior to their appointment on 12 March 2012.
From the commencement of trading the Company struggled to meet tts financial obligations, despite achieving a weekly turnover in the region of £20,000 The large warehouse facility was not operating to capacity with over one third of the floor space remaining vacant The rent on the property was too high to be effectively managed considering the extent of the vacant capacity. Furthermore, due to previous company failures, the Company had agreed to pay an enhanced rent, over and above the contractual rate, In order to mitigate the arrears, This had a detrimental impact on the company’s cashflow.
Administrators' statement of proposals (2012-05-03) · Companies House register