2Pure Limited (SC298940): administration
- Status
- Administration ended
- Administration began
- 2023-05-18
- Administrators
- Callum Angus Carmichael, Michelle Marie Elliot
- Administrators' firm
- FRP Advisory
- Incorporated
- 2006-03-15
- Location
- Glasgow
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
- Weak consumer demand
- Rising costs / inflation
- Supply chain disruption
From the administrators' statement
The Company was incorporated on 15 March 2006 and traded from leasehold premises at Coralinn House, 4 Royston Road, Deans, Livingston, EH54 8AH, as an exclusive distributor for brands operating within the specialist Cycle, Run and Outdoor markets.
The Company had been historically loss making but experienced an upturn in profitability during FY20 and FY21 benefiting from an increase in outdoor sales during the Covid 19 Pandemic. The company invested heavily into bolstering their inventory levels in the hope that this trend would continue into FY22.
The company’s working capital requirements were met through trading profits, CBILS loan facilities plus a confidential invoice finance facility.
Administrators' statement of proposals (2023-07-11) · Companies House register