Full GAS (UK) Limited (09387213): administration
- Status
- Administration ended
- Administration began
- 2017-10-27
- Incorporated
- 2015-01-13
- Location
- Hull
- Industry
- 47640 Retail sale of sports goods, fishing gear, camping goods, boats and bicycles
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 13 January 2015. The vision for the Company was to open a highend bicycle shop at Fox Valley retail Park in Stocksbridge, Sheffield. A number of potential investors were approached to invest in the Company and in November 2015, £540,000 was raised from shareholders.
The Company entered into a lease for premises and invested the funds raised from shareholders into fitting out the shop unit and also in purchasing the initial stock required for the shop.
The shop opened in June 2016. Initially sales in the first 6 weeks were £12k per week, however these settled down to an average of £8k per week. Unfortunately, this level of sales meant the shop was making losses estimated at £5k per week.
Administrators' statement of proposals (2017-11-20) · Companies House register