Carven Clothing UK Limited (09100418): administration
- Status
- Administration ended
- Administration began
- 2018-11-21
- Incorporated
- 2014-06-24
- Location
- London
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Parent or group failure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
The historical financial results of the Company, as set out above, show that it has been making losses since incorporation. As discussed above, the Company was latterly reliant on its parent, SAS, for financing. With SAS facing financial difficulties and, ultimately, insolvency, the Company was unable to continue financing its trading operations.
In view of its financial difficulties, my firm was approached by representatives of the Company for insolvency advice. I discussed the Company’s business, funding, assets and liabilities with its former Finance Director, Brice Groulier, and its Managing Director, Henri Sebaoun, and had sight of certain financial and other pertinent information, which included management accounts, a stock list, creditor schedules and the lease to the Company’s trading premises. It was readily apparent that, given the level of debt, and in view of the absence of available finance following the insolvency of its parent, the Company was insolvent on both a liquidity and balance sheet basis, pursuant to Section 123 of the Act.
In view of these circumstances, it was clear that an insolvency process should be instigated. Various procedures were explained to the Director in order that he was fully informed of the options available.
Administrators' statement of proposals (2019-01-24) · Companies House register