Finnsworth Limited (11478805): administration
- Status
- In administration
- Administration began
- 2024-10-01
- Administrators
- James Alexander Snowdon, Georgina Marie Eason
- Administrators' firm
- MHA
- Formerly
- D & M International Limited
- Incorporated
- 2018-07-23
- Location
- London
- Industry
- 22230 Manufacture of builders ware of plastic
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Management failings / irregularities
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The Company operated from its registered office which also acted as the manufacturing site for the business. All products were processed and packaged on site. The Company produces a large range of shims/packers which account for approximately ninety per cent of its trade. The lease for the manufacturing facility is held by an associated company, A-Z Direct Ltd, and the premises are occupied by the Company on an informal basis.
Due to the demand for its products in the construction industry, the Company quickly grew to accommodate such demand. To allow such growth, the Company utilised a number of loans to facilitate their expansion. However, the Company did not operate within its lending facilities and accrued a substantial debt to Bibby, which it was not able to repay on a solvent basis. It became apparent that they were insufficient funds to trade out of its position, and as such, the Director took the decision to appoint the Joint Administrators.
Administrators' statement of proposals (2024-10-28) · Companies House register