Just Hype Ltd (07967928): administration
- Status
- In administration
- Administration began
- 2023-03-31
- Administrators
- Kelly Mitchell, Alyson Richards
- Administrators' firm
- Quantuma
- Incorporated
- 2012-02-28
- Location
- Town Quay
- Industry
- 46160 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1 Quantuma Advisory Limited initially acted for the Company under an advisory engagement to undertake an options review.
3.2 A review of the Company’s cashflow revealed that there would not be sufficient working capital available to allow the Company to trade out of its current financial position given the levels of historic debt that had accrued. It was recommended that the Company instruct an agent to value the business and assets. Based upon that value, it was likely that an Administration would be the most appropriate option.
3.3 In October 2022, the Company instructed SIA Group Asset Ingenuity Limited (“SIA”) to value the business and assets and opened discussions with the Company’s bankers, HSBC Bank Plc (“HSBC”). HSBC instructed BDO LLP to undertake a separate review to ensure that the Company’s proposed course of action was appropriate, as well as to assist with cashflow management. We continued to act on an advisory basis at this time.
Administrators' statement of proposals (2023-04-18) · Companies House register