Oak Artisans Limited (10895436): administration
- Status
- Administration ended
- Administration began
- 2023-03-03
- Administrators' firm
- Quantuma
- Incorporated
- 2017-08-02
- Location
- Watford
- Industry
- 47530 Retail sale of carpets, rugs, wall and floor coverings in specialised stores
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company’s director was referred to Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited by Julian Goldie of Parker Cavendish in October 2022.
Following a review of the financial position together with initial discussions with the Director it was established that the Company was insolvent on both balance sheet basis and cash flow basis, as the Company could not pay its debts as and when they fell due.
{t had been decided to place the Company into Administration via a pre-packaged administration sale as there was insufficient working capital and no prospect of persuading new funding to allow medium-term trading to continue in order that the business and assets could be exposed thoroughly to the market. The benefits of achieving a pre-packaged sale were the transfer of the employees and the absence of a break in supply of goods and services.
Administrators' statement of proposals (2023-05-10) · Companies House register