Fineeventco Limited (09227725): administration
- Status
- Administration ended
- Administration began
- 2016-09-19
- Incorporated
- 2014-09-22
- Location
- Norwich
- Industry
- 56210 Event catering activities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Weather / natural events
From the administrators' statement
The Company was incorporated on 22 September 2014 and commenced trading on 31 October 2014 as an event caterer At this time the Company purchased the goodwill and assets from Magicgoal Ltd tfa The Fine Food Company In mid 2015 it also purchased the goodwill and assets of ECSI Limited but the contracts assigned did not return the amounts expected and lost business was not replaced
In the first 11 months of trading it made a gross profit of £420,000 but a loss before tax of £355,000 and by the end of October 2015 the debts due to HM Revenue & Customs (“HMRC”) were already overdue As a result the Company entered into a time to pay agreement with HMRC The Company’s turnover was seasonal and heavily reliant on summer events doing well Unfortunately the events that occurred in the summer of 2016 were adversely effected by the poor weather and sales suffered by circa £500,000 This meant the Company could not make the re-payments required to HMRC and so sought advice as to the Company’s options
McTear Willams & Wood were first contacted on 28 June 2016 by Ben Bidnell of Shipleys LLP who were providing accountancy advice to the Company We made contact with the director on the same day and an initial meeting was held to discuss the Company’s financial position and the options available Prior to that there has been no relationship between McTear Willams & Wood and the Company, its director or the purchaser
Administrators' statement of proposals (2016-10-12) · Companies House register