MMS Furniture Limited (09545279): administration
- Status
- Administration ended
- Administration began
- 2017-11-13
- Administrators
- Tyrone Courtman, Lee Brocklehurst
- Administrators' firm
- PKF
- Incorporated
- 2015-04-16
- Location
- Castle Donington
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Sustained trading losses
From the administrators' statement
As already stated, the Company was formed following the purchase of the business and assets of PTT Design Limited whilst it was in Administration in April 2015.
Per section 2.2, the Company was formed solely to supply Sliderobes on an exclusive basis. Once Sliderobes entered into a CVA in July 2015, the Company was left with a bad debt of c£67k. Although the Company continued to trade with Sliderobes under the terms of the CVA, it was ata much lower level than originally anticipated within the Company's business model.
Since Sliderobes entered into the CVA, the Directors of the Company have continued to financially support the business through its difficult trading period. A new business model was subsequently introduced to provide bespoke fitted bedroom furniture to independent retailers.
Administrators' statement of proposals (2018-01-09) · Companies House register