The Simply Great Drinks Company Limited (08526428): administration
- Status
- Administration ended
- Administration began
- 2015-05-15
- Administrators' firm
- Begbies Traynor
- Formerly
- Acpt Limited
- Incorporated
- 2013-05-13
- Location
- Newcastle upon Tyne
- Industry
- 10320 Manufacture of fruit and vegetable juice
Why it went into administration
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated in May 2013 to acquire the business of RJA Foods Limited — In Adminstration (“RJA”) for the sum of £im RJA imported, manufactured and sold principally pomegranate juice The raw materials were sourced from several overseas countries and then manufactured into pomegranate juice in the UK before being distributed to various supermarkets and large food retail outlets Sub-contractors were used to carry out each stage of the process Adam Pritchard was a Director of RJA and a major Shareholder in its holding company, Pomegreat Limited The Administrators of RJA were Andrew David Haslam and Gerald Maurice Krasner of Begbies Traynor (Central) LLP, 4th Floor, Cathedral Buildings, Dean Street, Newcastle Upon Tyne NE1 1PG Under the Sale Agreement with RJA, the Company was to pay the purchase price in five instalments (interest free) and a debenture was given to RJA, backed up by a personal guarantee from Mr Pritchard for £250,000 At the date of our appointment, the final instalment which was due to be paid by the Company to RJA in June 2015 of £250,000 was still outstanding
The Company originally had two Directors, Adam Pritchard and Colin Turner The Company had commenced a marketing campaign which proved unsuccessful and ultimately there was a falling out between the two Directors which resulted in Colin Turner resigning from the Company in September 2014 Colin Turner had also been a shareholder and his shares were acquired by Adam Pritchard
On 9 April 2015, GMK was asked by Alliotts Chartered Accountants, to attend a meeting to discuss the financial position of the Company Adam Pritchard had been trying to sell the Company as a going concern
Administrators' statement of proposals (2015-06-25) · Companies House register