Aural Ltd (09711886): administration
- Status
- Administration ended
- Administration began
- 2022-02-23
- Administrators
- Louise Longley, Julian Pitts
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-07-31
- Location
- Leeds
- Industry
- 26400 Manufacture of consumer electronics
Why it went into administration
- COVID-19
- Rising costs / inflation
- Supply chain disruption
- HMRC / tax arrears
- Property / lease costs
From the administrators' statement
The Company was incorporated in July 2015 for the purpose of manufacturing loudspeakers and professional music equipment. The Company traded from leasehold premises in Knutsford, Cheshire since incorporation. The business traded with 10 employees, including one of the Directors. The employees were long standing staff with bespoke knowledge of manufacturing the loud speaker designs.
The Company was incorporated to continue the historic experience of Jozef Olenski in the speaker manufacturing industry. Jozef Olenski is the Landlord of the Company's trading premises. Mr Olenski formed a partnership with Dinesh Mandot, in order to roll out the speaker products in the Indian market and combine their expertise in this area.
The Company initially traded profitably, with turnover of £1,094,507 in 2018 declining to £443,199 in 2020. This resulted in a Gross Profit/ (Loss) of £694,280 and (£125,358) respectively. The nature of the business is extremely niche. Component parts were imported in the main from China. The speakers were manufactured and distributed from the premises in Knutsford utilising the Company’s own designs.
Administrators' statement of proposals (2022-04-19) · Companies House register