Finest Furniture Limited (08517390): administration
- Status
- Administration ended
- Administration began
- 2014-10-13
- Administrators
- Neil Charles Money
- Administrators' firm
- CMB Partners
- Incorporated
- 2013-05-07
- Location
- Leicester
- Industry
- 47599 Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
Finest Furniture Limited (“the Company”) was incorporated in May 2013 in order to purchase the assets of a previous company, Revolution Galleries Limited t/a Cost Plus Sofas (“Revolution Galleries”), a company that shared common directorship and shareholding Revolution Galleries was placed into Admunistration on 16 July 2013 and Andtew Andronikou and Michael Kiely of UHY Hacker Young LLP were appointed as Joint Administrators
On 13 August 2013 the Company purchased the business and assets of Revolution Galleries in a ‘Pre-Pack’ deal, which was funded through finance of £600,000 provided by Legion Tiade Finance Limited and subsequently secured by a debenture, incorporating a fixed and floating charge over the Company’s assets, dated 1 August 2013 This finance did not cover the entire purchase price of the business and assets as a portion of the consideration was deferred and expected to be met through ongoing trade
A sum of £750,000, was paid in consideration for the assets, with £300,000 payable up front followed by twelve further equal monthly payments of £37,500 each By way of security, the director provided a personal guarantee and the Joint Admunsttators of Revolution Gallertes cteated a debenture, incorporating a fixed
Administrators' statement of proposals (2014-11-21) · Companies House register