Cornwall Bathrooms Limited (08265114): administration
- Status
- Administration ended
- Administration began
- 2018-08-31
- Administrators
- Richard Howard Toone, Stephen Anthony John Ramsbottom
- Administrators' firm
- Insolvency Practitioners of CVR Global
- Incorporated
- 2012-10-23
- Location
- Bristol
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 23 October 2012, to supply and install bathroom equipment. It traded from leasehold premises at 1 Harvey Road, Newham, Truro TR1
At the peak of its achievements, the Company employed eleven staff including the Director. Management accounts show a successful trading history; turnover reached £1.214m in the year ended 31 October 2017, with gross and net profits at £424k and £41.4k respectively.
The Company extended credit to a connected company, Flush Bathrooms Limited (“Flush”). Flush distributed bathroom products online and relied heavily on the Company as an intermediary for supplies. The reason for this was that manufacturers tend not to be in favour of low margin, bulk end sales such as those carried out by Flush and, as a general rule, supply on terms more favourable to distributers such as the Company, with showroom premises, storage space for stock etc. Consequently, the majority of Flush’s purchases were financed initially by the Company.
Administrators' statement of proposals (2018-11-09) · Companies House register