Sonnovate Limited (09625275): administration
- Status
- Administration ended
- Administration began
- 2018-02-09
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-06-05
- Location
- Salisbury
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Management failings / irregularities
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 30 June 2016 by Spencer Taylor. The Company traded from a leasehold commercial unit in Buckingham and provided security services such as installing CCTV, access and alarm systems. We understand that the business was running smoothly until Mr Taylor left the business together with the unexpected passing of the sales manager.
A mixture of low sales performance and mismanagement of the accounts by the new directors resulted in increasing creditor pressure and claims. Thomas Herbert joined the business in October 2017 He states that he was trying to reduce the debt and increase performance. However, the significant debt position was too great and HMRC threatened to wind the Company up. Extracts from the Company's profit and loss account report the following.
Period from 1June ,_ Year Ended
Administrators' statement of proposals (2018-04-05) · Companies House register