Aspire Crafts Ltd (08512676): administration
- Status
- Administration ended
- Administration began
- 2018-11-16
- Administrators
- Andreas Arakapiotis
- Administrators' firm
- Kallis & Company
- Incorporated
- 2013-05-01
- Location
- Whetstone
- Industry
- 17230 Manufacture of paper stationery
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
~ The Company was established in 2013 by the Director, Mr Keith Smith, after the investors in his previous company, Kanban Crafts Limited ("Kanban"), ceased to fund the business and placed Kanban in administration after a demand for immediate repayment of the investment which could not be met.
• The Company operated at the centre of the ever-growing home crafts industry and, with an entire design team and manufacturing plant the Company produced and manufactured its own brand designs partly sold through its website and its own dedicated factory outlet. However, the majority of the £1.2m turnover was derived from its exclusive relationship with Ideal Shopping Direct, a TV shopping channel that continued to generate strong and increasing sales.
• To avoid the issues that arose with the external investors, the Director decided to build this business from the ground up without bank overdraft, loans or factoring facilities. However, from the very beginning, cash flow was always an issue and eventually became unmanageable to the extent that HMRC threatened to wind up the Company.
Administrators' statement of proposals (2019-04-05) · Companies House register