Ingemar Stone UK Limited (09844671): administration
- Status
- Administration ended
- Administration began
- 2017-04-18
- Administrators' firm
- Insolvency Practitioners of CVR Global
- Incorporated
- 2015-10-27
- Location
- Hove
- Industry
- 46730 Wholesale of wood, construction materials and sanitary equipment
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
3.1 As reported in para 2.1, the Company experienced difficulties as result of receiving insufficient stock from its main supplier, its parent Company in Spain. The Director attempted to find other sources to fulfil orders but encountered difficulties, as he was unable to obtain credit from other suppliers. As the Company did not have the capacity to operate on a cash basis, third party funding was sought. When it became apparent that funding was not available, the Director contacted CVR Global LLP for advice.
3.2. On 18 April 2017, Elias Paourou and Lee De’ath of CVR Global LLP were appointed Joint Administrators of the Company following the filing of a Notice of Appointment of Administrators by the Director.
3.3 The Joint Administrators confirm that they are authorised to carry out all functions, duties and powers by either one, or both of them.
Administrators' statement of proposals (2017-06-19) · Companies House register