Polestar Stones-Wheatons Limited (10062455): administration
- Status
- Administration ended
- Administration began
- 2016-04-25
- Administrators
- Zelf Hussain
- Administrators' firm
- PwC
- Formerly
- Prospect Bidco 2 Limited
- Incorporated
- 2016-03-14
- Location
- Leeds
Why it went into administration
- Credit insurance / supplier credit withdrawn
From the administrators' statement
Although the majority of customers had been successfully transferred to New PUPL 1n the initial weeks of trading, a number of material customers had delayed formally agreemg to novate During this period, New PUPL’s cash flow had been adverse to that anticipated due to the following reasons:
• Supplier ransom payments had been higher than anticipated; « Ahigher level of pro-forma payments than envisaged, and
• Slower debtor payments than initially forecasted.
Administrators' statement of proposals (2016-07-06) · Companies House register