Engrave IT Online Limited (10477293): administration
- Status
- Administration ended
- Administration began
- 2023-04-25
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2016-11-14
- Location
- Bristol
- Industry
- 47190 Other retail sale in non-specialised stores
Why it went into administration
- COVID-19
- Weak consumer demand
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
The Company was incorporated on 14 November 2016. One of the directors, Nicholas Watts, had previously traded the business as a sole trader. Mr Watts had a number of years’ experience working for Timpson as an engraver.
The directors initially traded from home and provided bespoke engraving services on online platforms such as eBay and Amazon. The directors originally financed the business through a re-mortgage of their residential property and at commencement of trading the business was grown organically with no extemal borrowings,
Early trading was broadly successful with tumover increasing by 30% year on year in the early years of trade. Approximately four years ago, the business was scaled up with additional staff members taken on to assist with the additional workload and the Company moving to its current trading premises in Filwood Business park, Bristol. The Company's statutory accounts show that the Company made net profit of £91,048 and £123,429 respectively for the years ended 30 November 2019 and 30 November 2020 on turnover of just over £1 million for these years.
Administrators' statement of proposals (2023-06-12) · Companies House register