Aquascutum (1851) Limited (08025103): administration
- Status
- Administration ended
- Administration began
- 2020-09-17
- Administrators' firm
- Williams & Partners
- Formerly
- Lillypink Limited
- Incorporated
- 2012-04-11
- Location
- London
- Industry
- 46420 Wholesale of clothing and footwear
Why it went into administration
- COVID-19
- Property / lease costs
- Creditor pressure / legal action
From the administrators' statement
3.1 The onset of the pandemic in March 2020 in the UK and the resulting ‘lock down’ had a significant impact on the business with income dropping to near zero as all the stores were required to close. The pandemic also caused a delay in the completion of the sale of the lease for the Great Marlborough Street store, although the buyer committed to complete the deal, rather than cancel it. Both of the above issues placed great pressure on the cash flow of the Company
3.2 With the increased pressure on cash flow, the Director ensured no new commitments were placed, except for the legally required insurances, and efforts were made with the landlords for rent waivers or rent reductions. Whilst rent deferments were accepted no rent waivers were agreed.
3.3. A statutory demand was received in November 2018 from YGM, the previous owners, for unpaid rent at their office location, 43 Great Marlborough Street. This was settled in February 2020.
Administrators' statement of proposals (2020-11-18) · Companies House register