Osman Perfect Five Ltd (10888102): administration
- Status
- Administration ended
- Administration began
- 2019-05-15
- Administrators
- Danny Dartnaill, William Matthew Humphries Tait
- Administrators' firm
- BDO
- Incorporated
- 2017-07-28
- Location
- London
- Industry
- 14132 Manufacture of other women's outerwear
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 28 July 2017. The Company was formed to purchase the business and assets of Osman Studio Limited (‘OSL’) via a Pre-packaged Administration. William Matthew Tait and Sarah Rayment, both partners at BDO LLP, were appointed Joint Administrators of OSL to facilitate the sale of certain OSL assets to the Company.
Since inception the Company’s trading performance has been below expectations and the business was loss making, being sustained by short term shareholder cash injections. Losses were driven by high production costs, sub-optimum pricing and a general decline in the high-end luxury fashion market. The Company also experienced significant creditor pressure from HMRC and its Landlord.
On 15 May 2019, an application for the appointment of Joint Administrators was made by the directors, pursuant to Paragraph 22 of Sch. B1 to the Act. On 15 May 2019, Danny Dartnaill and William Matthew Tait were appointed Joint Administrators. Under the provisions of paragraph 100(2) of Sch. B1 to the Act the Joint Administrators carry out their functions jointly and severally meaning any actions can be done by one Administrator or by both of them.
Administrators' statement of proposals (2019-07-16) · Companies House register