Houseology Design Group Limited (SC377416): administration
- Status
- Administration ended
- Administration began
- 2020-01-23
- Administrators
- Katy Mcandrew, Hilary Pascoe
- Administrators' firm
- Leonard Curtis
- Formerly
- Occa Design Consultancy Ltd
- Incorporated
- 2010-04-23
- Location
- Glasgow
- Industry
- 47910 Retail sale via mail order houses or via Internet
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
- Weather / natural events
From the administrators' statement
3.1 The Company was incorporated in April 2010 and commenced trading as an online retailer of designer branded furniture, lighting and accessories for inside and outside the home from leasehold premises at 28 Speirs Wharf, Glasgow, G4 9TG.
3.2 After accumulating trading losses as a result of a severe flood to the Company's warehouse in October 2019, which damaged approximately 90% of the Company's stock and caused significant business disruption, together with poor e-commerce trading across the Christmas period and into January 2020, the Company started to experience significant cashflow issues. As a result, the Company began to rely heavily on funding being provided by the related entities. With the directors seeing no sign of improvement in the short to medium term, that would allow the Company to continue to trade whilst managing its liabilities, the directors took the steps to explore its options.
3.3 Amidst increasing creditor pressure, a decision was taken by the board of directors that the Company could not avoid insolvency and that the Company should be placed into Administration.
Administrators' statement of proposals (2020-03-02) · Companies House register