SSL 2023 Limited (11397728): administration
- Status
- Administration ended
- Administration began
- 2023-01-10
- Administrators
- Colin Hardman, Mark Christopher Ford
- Administrators' firm
- Evelyn Partners
- Formerly
- Snug Shack Limited
- Incorporated
- 2018-06-05
- Location
- London
- Industry
- 47599 Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store
Why it went into administration
- Supply chain disruption
- Cash flow / liquidity pressure
- Over-expansion / investment not recovered
- Sustained trading losses
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 5 June 2018 and the nature of its business was the online retail of furniture. The Company traded as ‘Snug’, offering fast delivery of modular sofas that could be assembled with no tools and fit into any space. The Company was self-funded, and the management team were able to scale the business, resulting in rapid growth during its short trading history. At the point of the pre-packaged sale of the business it had 53 employees, stock with a cost price of around £750k gross value and anticipated annual revenue in 2022 in excess of £20m.
The Company was headquartered in north London with its registered office being 88 Lockfield Avenue, Enfield, EN3 7PX. The Company also had concessions in seven UK locations, and one pop-up store in Leeds. The concessions were all in Bridgman stores, Bridgman being a related entity, witn Peter Bridgman being a director of both companies. However, the Company primarily traded through online sales channels due to its strong online presence.
In Q3 of 2022 the Company started a fundraising process, engaging a corporate finance boutique to assist with a process of marketing the business for an equity investment, attracting a number of interested parties but which was ultimately, unsuccessful. It was thought at that time that the additional investment would enable the Company to expand further by enabling it deliver various brands, products and implement international growth initiatives
Administrators' statement of proposals (2023-02-15) · Companies House register