ERC Ventures Limited (08303298): administration
- Status
- Administration ended
- Administration began
- 2014-05-15
- Administrators
- Lila Thomas, David Robert Acland
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-11-22
- Location
- Preston
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The Company is a high street menswear retailer (with an online presence) of branded clothing based in the fashionable Tnnity Arcade in Leeds under the directorship of Everton Campbell The Company acquired the assets of a previous business, HIP Menswear Limited, in 2013 after entering into a Creditors Voluntary Liquidation on 25 April 2013
The ongina! business started trading in 1988 and catered for a diverse age range offenng international branded clothing, some not widely available within the UK market Historically, the business has won awards in retail and received acknowledgments in nationwide publications
When the Trinity Arcade opened tn 2013, the Director was presented with an opportunity to move the business Many stores had made the decision to move out of the high street to become more accessible for customers The arcade had attracted a number of high street and premium brand stores providing an ideal environment to develop and grow the business However, the business was operated from three leasehold premises around Leeds City Centre and was bound under the terms of the lease agreements Whilst trying to negotiate the relocation, the business fell into arrears with its creditors and began experiencing cash flow difficulties The Director sought advice from the Company's accountants and insolvency practitioners which culminated in Liquidators being appointed
Administrators' statement of proposals (2014-07-08) · Companies House register