Bureau Workspace Limited (SC531891): administration
- Status
- Administration ended
- Administration began
- 2023-10-30
- Administrators
- Shona Joanne Campbell
- Administrators' firm
- Menzies
- Formerly
- Animate Distribution 2 Limited
- Incorporated
- 2016-04-06
- Location
- Dundee
- Industry
- 46470 Wholesale of furniture, carpets and lighting equipment
Why it went into administration
- Supply chain disruption
- COVID-19
- Cash flow / liquidity pressure
- Management failings / irregularities
- Rising interest rates
From the administrators' statement
The Directors have provided the following background and reasons for the Company entering Administration. We have not sought to verify these facts and they will be reviewed as part of the Administrator’s statutory investigations.
Bureau Group Limited (“BGL”) outsourced its finance function to a large UK accountancy practice in 2021. Throughout 2023 the Directors became aware that several accounting errors had occurred in day-to-day book-keeping and the management accounts, e.g., the outsourced finance function had failed to post several supplier invoices and reconcile intercompany accounts.
The Directors advise that these errors had impacted their ability to accurately report upon the profitability and financial position of the Group as both were artificially inflated. The Directors were initially unaware of these errors and had continued to make business decisions in good faith.
Administrators' statement of proposals (2023-12-27) · Companies House register