Toby Scott Underwood and Peter David Dickens were appointed as joint administrators (“the Administrators”) of the Company on 7 June 2018.
Since incorporation, the Company has grown rapidly to nine stores across England and Scotland. Despite achieving significant revenues in such a short period, the business remained reliant on external funding to support trading losses. Without external funding, the business could not continue to meet payments as they fall due.
Given the cash flow position, the management team undertook a sales process to find a purchaser who could provide the funding required to continue to deliver the business plan and take the Company forward.
Unfortunately, it was not possible to achieve a sale and as such the directors had no option but to appoint administrators to protect the creditors of the Company.
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The Joint Administrators have appointed John Pye to act as their agents. They will be holding auctions to sell the display stock collected from the showrooms. The stock is available to view online: www.johnpye.co.uk . If you would like to purchase any of these goods you can email our agents at: email@example.com