Equus Products and Services Limited (08348474): administration
- Status
- Administration ended
- Administration began
- 2023-09-19
- Administrators
- Christopher Robert Pole, Howard Smith
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2013-01-07
- Location
- Leeds
- Industry
- 47910 Retail sale via mail order houses or via Internet
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
From the administrators' statement
In March 2023, due to concerns raised by Foresight regarding the Company’s cash outflows, a new portfolio Finance Director was appointed to assist the Company with gaining further clarity and understanding of the financial situation.
We are informed that in July 2023, an investment committee meeting took place between the Company and Foresight during which the Company requested additional funding of approximately £0.8 million to manage an impending working capital requirement. The Company was ultimately advised that this funding would not be provided as Foresight were not comfortable that this level of funding would be sufficient to guarantee an effective turnaround.
It was agreed between the Company and Foresight that the Directors would invest £0.2 million, Foresight would provide £0.2 million of new funding and, with the help of CorpFin Limited (‘CorpFin'), they would explore the market for the remaining £0.4 million. However, the Company’s ongoing trading losses meant that it was unable to service its debts during that time and CorpFin’s process quickly pivoted into a distressed M&A process.
Administrators' statement of proposals (2023-10-11) · Companies House register