# JTR Furniture Ltd (09719783)

> Why UK company 09719783 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/09719783

- **Status:** Administration ended
- **Administration began:** 2016-02-02
- **Administrators:** Clive Morris
- **Administrators' firm:** Begbies Traynor
- **Incorporated:** 2015-08-05
- **Location:** Preston

## Why it went into administration

- Property / lease costs

## From the administrators' statement

JTR Furniture Ltd was incorporated on 5 August 2015, under the directorship of John Ryding, with the intention of operating as a furniture retailer On 21 August 2015 the Company entered into a lease for a property at 62 Market Street, Wigan, for the purpose of using the property as its trading premises The term of the lease was for five years, with an annual rent of £25,000 and a six month payment break at the start of the lease

Pnor to incorporation, John Ryding had verbally agreed an investment of £10,000 into the business by a silent partner, in order to buy initial stock for retail However, the silent partner reneged on their investment, which became clear to the director after the Company had entered into the lease for 62 Market Street Without an investment, the Company would be unable to buy sufficient stock to commence trading The director therefore sought investment from various other parties, without success

By February, the Company had not commenced trading, and with the first rent payment falling due on 21 February, the director sought advice from local mmsolvency practitioners Marshall Peters Ltd It was determined that the Company was insolvent on both a cash flow and balance sheet basis, given that the Company did not trade and had no assets, but had accrued business rates and rent arrears which it could not pay

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/09719783/filing-history/MzE0NjI4NTAxN2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/09719783

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.