Teroma Trade Supplies Limited (08312048): administration
- Status
- Administration ended
- Administration began
- 2014-04-17
- Administrators' firm
- Cork Gully
- Formerly
- Roger Haydock Ltd
- Incorporated
- 2012-11-29
- Location
- London
- Industry
- 46130 Agents involved in the sale of timber and building materials
Why it went into administration
- Parent or group failure
From the administrators' statement
The Company commenced trading on 15 February 2013 following the acquisition of the business and assets of Roger Haydock and Company Limited ("RHCL”) The principal activities of the Company were primarily the procurement and supply of buifding, plumbing and electnca! matenals to its sister company, Sovini Property Services Limited (“SPS”), and secondanily the sale of these goods to the construction and building industry
The sale and purchase agreement with RHCL provided for an earn-out over four years This was contingent upon the active involvement of one of RHCL’s directors in the business, however, that was shown to be unworkable soon after the acquisition when it became apparent that negative goodwill existed with several suppliers and the business relatonship was terminated in May 2013 As part of the associated settlement agreement a manufacturing business that formed part of the acquisition was sold back to RHCL
The Company traded profitably and the remaining business was cash flow solvent The majonty of the Company's business comes from its sister company, SPS, accounting for approximately 70% of its turnover SPS Is part of the Sovint Group of Companies (“the Group”) which is comprised of not-for-profit and commercial organisations
Administrators' statement of proposals (2014-04-29) · Companies House register