White Clover Group (UK) Limited (FC024162): administration
- Status
- Administration ended
- Administration began
- 2011-06-01
- Administrators
- Julie Ann Swan, Mark Richard Phillips
- Administrators' firm
- Partnership Invoice Finance
- Formerly
- White Clover Limited
- Incorporated
- 2002-10-01
- Location
- St. Peter Port
Why it went into administration
- Competition / price pressure
From the administrators' statement
The Company commenced trading some 15 years ago with a single shop offering cheque cashing services The business grew organically and via strategic joint ventures throughout Southern England At its peak the Company operated 31 stores, offering small ticket loans payday advances, cheque cashing and chattel lending/trading, as well as other complimentary services such as money transfer via Western Union to its local community As the business grew it traded two concepts under two brands, ChequeCasSing, providing financial services from smaller shops, and The Trade Exchange, which offered
all of the services provided by ChequeCaShing stores but also with chattel loans and the purchase and sale of second hand chattels
About 3-4 years ago the business started to decline as demand for certain services reduced and competition, often from large multinational corporations, increased Both volume and margin were under pressure Approximately 2 years ago the company looked to restructure and rebrand the business and to focus on new products with longer term prospects such as pawn broking At this time the company moved to a single brand, Trade Exchange, and started to rebrand and refurbish at modest cost a number of stores A plan was also developed to close certain marginal stores and look to open (or acquire) certain more strategically located stores
Administrators' statement of proposals (2012-02-15) · Companies House register