# Aromaworks Limited (08039193)

> Why UK company 08039193 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/08039193

- **Status:** Administration ended
- **Administration began:** 2022-08-12
- **Administrators:** Benjamin John Wiles, Geoffrey Wayne Bouchier
- **Administrators' firm:** Kroll
- **Incorporated:** 2012-04-20
- **Location:** London
- **Industry:** 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)

## Why it went into administration

- Management failings / irregularities
- Parent or group failure
- Competition / price pressure

## From the administrators' statement

In June 2022, the Managing Director of the Company passed away. Following this, the CEO reported some financial irregularities to the Secured Creditor, and it was apparent the Company was insolvent on both a cash flow and balance sheet basis. These financial irregularities, together with the Company’s operating loss were the primary courses of the Company’s insolvency.

Following the uncovering of the financial irregularities, Kroll was engaged by the Company on 26 July 2022 to provide advice on the Company’s current financial position and review its cash flow, review the options available to the Company and commence an accelerated marketing process to attempt to find investors or a purchaser for the Company and/or its business and assets.

The Company was in breach of its invoice discounting facility with the Secured Creditor. A demand letter was served upon the Company on 27 July 2022. The Company failed to repay its indebtedness in accordance with the demand letter.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/08039193/filing-history/MzM0OTkwNTU1M2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/08039193

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.