2Clean Car Products Ltd. (08104351): administration
- Status
- Administration ended
- Administration began
- 2014-07-03
- Administrators
- Nathan Jones, Christopher Stirland
- Administrators' firm
- FRP Advisory
- Incorporated
- 2012-06-13
- Location
- Narborough
- Industry
- 20420 Manufacture of perfumes and toilet preparations
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was formed in June 2012 and traded as manufacturers of perfumes and toilet preparations from leasehold premises, employing 12 members of staff. Paul Stanton and Paul Holt, the directors of the business were previously involved with another company, Fillipack Limited, which ceased trading in June 2012 following the loss of tts only customer.
The Company initially had one customer that provided the majority of the Company's business. In addition, the Company had started to build a portfoho of smaller customers who provided repeat business, The Company did not tend to have many bad or disputed debts at this time. Annual turnover was c£290,000 to 31 May 2013.
Initially, the Company was self funded and did not require any overdraft facilities. By the beginning of 2013 the Company was experiencing cashflow difficulttes and sought debt financing Finance was provided by Partnership Finance Limited (Partnership’) with a disclosed invoice factoring facility.
Administrators' statement of proposals (2014-08-07) · Companies House register