Tribalist Limited (08566931): administration
- Status
- Administration ended
- Administration began
- 2022-02-28
- Incorporated
- 2013-06-12
- Location
- Altrincham
- Industry
- 47910 Retail sale via mail order houses or via Internet
Why it went into administration
- COVID-19
- Brexit
From the administrators' statement
The Company had traded profitably for a number of years, however, it recently started experiencing difficulties as a result of Brexit and the Covid-19 pandemic.
On 1 January 2021, as a result of Brexit, the UK left the EU cutting the Company off from its largest market. The directors had put in place plans to deal with Brexit, alongside their couriers and hauliers, but the Company was unable to cope with the new regime. Orders remained strong in Q1 of 2021, however couriers and hauliers suspended services to update their processes meaning that the Company could not send orders and any orders they had already sent got returned. When couriers resumed services, the new costs meant that the Company was unable to supply certain shipments to Europe. When hauliers reopened the costs increased and the services also experienced long delays meaning the Company could not supply customers within their expected timeframes. The business had always generated around 75% of revenue from EU trade, however after Brexit this came to a halt.
Unfortunately, the situation was exacerbated by the global Covid-19 pandemic. As detailed above, a BBL with Lloyds and CBILS loans with Funding Circle were arranged, however, the losses continued to impact on the business.
Administrators' statement of proposals (2022-04-05) · Companies House register