From the administrators' statement

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.

The Companies worked with HSBC and HSBC IF during this period, with the Director investing further funds into the business (in addition to amounts released by HSBC IF and HSBC) to enable the Companies to meet critical payments whilst options were explored.

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The Edinburgh Knitwear Company Ltd (12849118)

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