Wpaps Limited (09247869): administration
- Status
- Administration ended
- Administration began
- 2018-03-23
- Administrators' firm
- RSM
- Incorporated
- 2014-10-03
- Location
- Chandlers Ford
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Bad debts / customer insolvency
- Credit insurance / supplier credit withdrawn
- Property / lease costs
- Cash flow / liquidity pressure
- Rising interest rates
From the administrators' statement
2.4 Background Information Regarding the Company The Company was incorporated in October 2014, trading from leasehold premises in Andover as a bespoke giftware printer, specialising in business-to-business sales. The Company has three directors, Richard Woodington, Mark Withers and Thomas Withers. The directors hold approximately 96% of the Company’s shares, with the balance held by two individual investors. Business operations were underpinned by a sophisticated sales and production management software system, which collated orders from numerous third party websites. This allowed the Company to operate on a “no-minimum order” level and to ship items directly to customers’ end users. SME Invoice Finance Limited (“SME”) provided an invoice factoring facility against the Company's US Dollar and Sterling ledgers. The Company further received substantial loans of more than £400k from finance director Richard Woodington.
2.2 Events Leading to the Appointment of the Joint Administrators The insolvency of the Company has been precipitated by the following factors: 1. The seasonality of the Company's trade, with sales of more than £400k generated in December and
£85k generated in February; and 2. Two substantial bad debts, totalling £84k, which have materially reduced the funding available from the Company's invoice financier.
Administrators' statement of proposals (2018-04-19) · Companies House register