Well Food Europe Limited (10052101): administration
- Status
- Administration ended
- Administration began
- 2019-11-11
- Administrators
- Neil Charles Money
- Administrators' firm
- Cba Business Solutions
- Incorporated
- 2016-03-09
- Location
- Leicester
- Industry
- 56290 Other food services
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the director of the Company and the charge hoider, Synergy in Trade Ltd, and not from my personal knowledge as Administrator.
The Company was incorporated on 9 March 2016 for the purpose of importing and supptying mainly food products from Bangladesh to a number of shops located in and around London.
The Company traded at a modest profit for the first year of trading, and it is understood that the Director obtained a large order which required finance to be able to purchase the goods from Bangladesh, as the Company had insufficient cash at that time. The Director approached Synergy in Trade Ltd, who agreed to provide finance to allow the Company to purchase larger orders for sale to customers. Synergy in Trade Ltd supplied the required funding on that particular contract and for subsequent contracts, and Obtained security in the form of a fixed and floating charge dated 31 December 2018, in addition to a Personal guarantee provided by the Director.
Administrators' statement of proposals (2020-01-10) · Companies House register