Easy Jose Coffee Ltd (09109955): administration
- Status
- Administration ended
- Administration began
- 2018-10-24
- Administrators' firm
- Insolvency Practitioners of CVR Global
- Incorporated
- 2014-07-01
- Location
- Brighton
- Industry
- 46370 Wholesale of coffee, tea, cocoa and spices
Why it went into administration
- Over-expansion / investment not recovered
- Parent or group failure
From the administrators' statement
3.1 The Company had been trading profitably and then in December 2017, as part of a major expansion programme, the business moved to its current premises. The intention was to bring the roasting function in house, with a view to reducing costs in the long term. However, turnover was insufficient to enable to the Company to purchase the roasting machine and as a consequence the function remained outsourced. These costs combined with the increased overheads associated with the new premises, led to the Company’s financial difficulties.
3.2 Elias Paourou of CVR Global LLP was introduced to the Company by its current accountants, A & L Chartered Accountants. Mr Paourou’s intial contact was a conference call on 1 October 2018 with consultants from Shaw Pritchard who had been hired to assist the Director deal with the Company’s financial difficulties.
3.3. It was apparent that the Company was insolvent and that in the absence of third Party funding, a formal insolvency procedure was the only available option. Mr Shaw and Mr Pritchard (Shaw Pritchard) expressed an interest in purchasing the business.
Administrators' statement of proposals (2019-01-05) · Companies House register