CB Realisations Limited (08974161): administration
- Status
- Administration ended
- Administration began
- 2019-07-09
- Administrators
- Patrick Alexander Lannagan, Conrad Alexander Pearson
- Administrators' firm
- Mazars
- Formerly
- Crimson Bear Limited
- Incorporated
- 2014-04-02
- Location
- Leeds
- Industry
- 46740 Wholesale of hardware, plumbing and heating equipment and supplies
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Rising costs / inflation
- Pension deficit
From the administrators' statement
In 2013 a Turkish designer radiator manufacturer, known to Mr Andrew Smith and Mr Paul Francis Johnson (“the directors”) contacted them with a view to representation in the UK. The business was subsequently set up in April 2014 to supply dropship designer central heating radiators and towel radiators to the blue chip retail market with a view to supplying other product groups and markets on a developmental basis.
In Spring of 2014 a major online retailer invited the Company to tender for a proportion of their shower business. The tender was successful and the Campany was inducted as a supplier. However, multiple changes in buyers over a short period of time resulted in the opportunities closing by summer. At this time the major online retailer invited the Company to tender for a designer radiator contract which was successful but required further working capital. The directors therefore sought funding through Trade Finance/ Import Loan facilities with HSBC Bank Plc to the value of £150,000 to support the sales being achieved through the major online retailer account. The directors considered that a Trade Finance facility at this level would be sufficient to manage in the initial period of trading and subsequently did not approach anyonc
2/18 3.2
Administrators' statement of proposals (2019-09-24) · Companies House register