Pyramid Self Storage Limited (10057251): administration
- Status
- Administration ended
- Administration began
- 2021-12-23
- Administrators
- Julie Anne Palmer, Andrew Hook
- Administrators' firm
- Begbies Traynor
- Formerly
- Red Pyramid Self Storage Limited; Sonnic Storage Limited
- Incorporated
- 2016-03-11
- Location
- Salisbury
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- COVID-19
- Supply chain disruption
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Rising costs / inflation
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 11 March 2016 by Lee Sibley and Dean Toop (Dean Toop resigned in November 2016). The business then initially traded as self-storage business.
The Directors subsequently quoted for a job which they believed was for a single shop delivery but turned out to be for thirteen stores. The. Directors won the tender and decided to diversify into the distribution and storage industry.
In early 2018, it was determined that further finance was required to fund the additional service lines. On 15 May 2018, an investment of £50,000 was obtained from a connected party in return for shares.
Administrators' statement of proposals (2022-02-24) · Companies House register