Pennine (London) Ltd. (12631098): administration
- Status
- Administration ended
- Administration began
- 2023-04-19
- Administrators
- Howard Smith, Richard John Harrison
- Administrators' firm
- Interpath Advisory
- Formerly
- 1234 Jumper (UK) Limited
- Incorporated
- 2020-05-29
- Location
- Leeds
- Industry
- 46420 Wholesale of clothing and footwear
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
As a result of growing sales, we understand the Companies invested in additional stock to meet increasing demand and sought to improve its direct-to-consumer channels, including via improvements to its websites.
The Companies had been seeking to refinance their banking facilities since November 2022. During this period, a potential discrepancy within the Companies’ facilities was identified and accounts were frozen pending a full reconciliation.
The Companies immediately sought to accelerate their debt refinance options; however, given the Companies’ inability to access all available funds, at a time when cash reserves would already be typically lower due to trading seasonality, the Companies’ working capital position deteriorated and the Companies experienced increased creditor pressure.
Administrators' statement of proposals (2023-05-12) · Companies House register