Rockett Plumbing and Heating Supplies Ltd (08089888): administration
- Status
- Administration ended
- Administration began
- 2017-06-05
- Administrators
- Stephen John Evans, William Antony Batty
- Administrators' firm
- Antony Batty
- Incorporated
- 2012-05-31
- Location
- London
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Competition / price pressure
- Over-expansion / investment not recovered
- Parent or group failure
- Rising interest rates
From the administrators' statement
The Company was incorporated in May 2012 by Steven Rockett, the sole director and majority shareholder, who has over 35 years’ successful experience in the supply of plumbing, heating, bathroom and kitchen equipment.
Mr Rockett saw the potential to build a good business in the Moordown, Bournemouth area and sought to secure some funding to enable him to do so. Initial funding came from a family friend, Malcolm Thorp, who injected £50k to support this venture at an interest rate of 12% P.A and a 20% shareholding in the Company. This was further supported by an overdraft facility of £25k with HSBC bank.
During 2013 and 2014 the Company traded profitably and expanded through the acquisition of a further trading premises in Moordown which was opened as a kitchen and bathroom showroom, staffed by a freelance kitchen designer and two part-time bathroom designers. This proved very successful and was further enhanced with workshop and storage facilities in Poole enabling the Company to supply a rigid kitchen to customers.
Administrators' statement of proposals (2017-08-09) · Companies House register