Q & A Clothing Limited (08093573): administration
- Status
- Administration ended
- Administration began
- 2016-10-12
- Administrators
- Michael Stephen Elliot Solomons, Andrew James Pear
- Administrators' firm
- Moorfields
- Incorporated
- 2012-06-06
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated in June 2012 but didn’t begin trading unt! 24 October 2013 following the purchase of the business and assets of FAQ Clothing Limited out of administration Dean Kincaid was the sole director of the Company and held a 10% shareholding with Judith Ross and Mia Robinson being the remaining shareholders, both with 45% holdings
It traded from prime village locations in Barnes, Dulwich, Clapham, Hampstead and Wimbledon with the overall management for the business conducted from a head office in Fulham, All of the premises were occupied on an informal basis as the relevant landlords were companies associated to either the directors / shareholders / management. Initial trading showed a small profit but following a review of the individual stores performance management decided to close the Dulwich store due to a fall in turnover and relocated to East Dulwich tn response to the change in shopping habits of the local community
At the beginning of September 2014 it was identified by the director, Mr Kincaid, that the Company required working capital to relieve the cash flow difficulties it was experiencing, Accordingly, over the following six month period a total of £563,300 was provided to the Company by Sye Razvi and Judith Ross, in order to satisfy its cash requirements
Administrators' statement of proposals (2016-10-28) · Companies House register