Beauty UK Cosmetics Ltd (07914938): administration
- Status
- Administration ended
- Administration began
- 2015-04-22
- Administrators
- Paul A Palmer, Jeremy Paul David Oddie
- Administrators' firm
- CHO Hine Associates
- Incorporated
- 2012-01-18
- Location
- Manchester
- Industry
- 46450 Wholesale of perfume and cosmetics
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 18 January 2012 and commenced to trade soon after as a supplier of cosmetics to high street retatiers and wholesale suppliers, acting as a concession to three major high street outlets. The company traded from leased premises in Stockport.
The business was purchased on 23 February 2012 through the administration of an associated company (“MP Consultancies Limited”) by virtue of common directors and shareholders. This was by way of a deferred consideration of £89,400 payable over 6 months to be funded by future profits. The amount was paid in full,
The Company was funded by way of loan from Trustees of the Beauty UK Cosmetics Pension Scheme (“the Pension”) of £160,000. In return the Intellectual Property Rights and brand name were transferred to the Pension. The Company’s products were then sold under licence from the Pension so that they could utilise brand name of “Beauty UK” and its associated trade marks. Michael Pearson also provided funding with a loan of £80,000 in April 2012 to assist with working capital.
Administrators' statement of proposals (2015-06-16) · Companies House register