ESR 2022 PLC (09261636): administration
- Status
- Administration ended
- Administration began
- 2022-10-17
- Administrators' firm
- Kroll
- Formerly
- EVE Sleep PLC; EVE Sleep Limited
- Incorporated
- 2014-10-13
- Location
- Birmingham
- Industry
- 47599 Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store
Why it went into administration
- Sustained trading losses
- Weak consumer demand
- Rising costs / inflation
From the administrators' statement
• The Company has consistently been loss-making since its formation. However, since 2018 the management team had implemented a change in strategy and cost-saving measures which were intended to improve performance. As a result of this, the level of sales reduced, and subsequently so did the losses incurred.
• However, the Company’s market sector suffered significantly in 2022 and whilst the Company outperformed wider market conditions, weaknesses in the economy, declining consumer confidence and rising inflation in input prices and for consumers led to the Company warning stakeholders of the impact on its cash reserves and launching a formal sale process on 6 June 2022. The sale process did not identify a purchaser, and the Company subsequently undertook an accelerated marketing process for its business and assets.
Appointment
Administrators' statement of proposals (2022-10-28) · Companies House register