# Pennine (London) Ltd. (12631098)

> Why UK company 12631098 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/12631098

- **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- Funding withdrawn / unable to refinance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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/12631098/filing-history/MzM3ODIyMDg0NmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/12631098

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.