Yuzu Ltd (12384138): administration
- Status
- Administration ended
- Administration began
- 2022-12-30
- Administrators
- Sandra Lillian Mundy, Thomas Charles Russell
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 2020-01-03
- Location
- Southampton
- Industry
- 46420 Wholesale of clothing and footwear
Why it went into administration
- Parent or group failure
From the administrators' statement
The Company was incorporated on 3 January 2020 and operated as a fashion retailer and wholesaler. It employed 36 staff across four stores, warehouse, and head office.
The business assets had been acquired on 20 February 2020 from Joy Group Limited in administration. Prior to that in 2017 Joy Group Limited had purchased certain of the business and assets from Louche London Limited a company that had also gone into administration. The insolvency practitioners and their firm have not in any way been involved in giving advice or taking formal appointments in respect of the previous failures.
Despite restructuring efforts following the acquisition of the business including reducing the number of retail stores, the Company did not experience the improvements it had hoped for and sought the advice of insolvency practitioners in November 2022. Various options were considered at this time, including a Company Voluntary Arrangement (“CVA”), however this was deemed not to be appropriate.
Administrators' statement of proposals (2023-01-13) · Companies House register