D & A Media Bristol Ltd (08110755): administration
- Status
- Administration ended
- Administration began
- 2018-06-05
- Administrators
- Huw Powell, Katrina Jane Orum
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-06-19
- Location
- Cardiff
- Industry
- 49410 Freight transport by road
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Rising costs / inflation
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 2012 and has been trading for six years as a haulier from Cardiff and various other sites along the M4 corridor. In February 2013 it purchased the business and assets of D and A Transport Cardiff Ltd from its administrator in a connected party purchase.
By 2018 the Company had a turnover of approximately £10 million and operated with approximately 90 employees and a further 30 subcontractors, mostly being HGV and van drivers. The Company operated a fleet of around 100 HGVs, trailers and smaller vans for in excess of 30 customers.
The Company was funded by Bibby Financial Services Ltd (“Bibby”) through an invoice financing agreement and according to its filed accounts had traded profitably up to 31 March 2016. The 31 March 2017 accounts indicated a trading loss of £241,000. At this time, the Company's balance sheet still recorded net assets of £190,000. However, the accounts noted contingent liabilities and fundamental uncertainty in relation to certain VAT transactions that were subject to an HM Revenue and Customs (“HMRC’) investigation.
Administrators' statement of proposals (2018-07-27) · Companies House register