The company was established in 1956 to purpose of trading as a retail floristry to a high profile customer base. It traded from two premises in London and had a turnover of £1.2m last year.
The company fell into financial difficulties after having suffered a loss of significant customers which impacted the bossiness and saw its profit margin decline.
The Directors of the company realised that they had insufficient funds to maintain its payments to suppliers and HMRC and were unlikely to obtain further funding to continue trading. The Directors subsequently sought the appointment of Richard Hunt and Simon Franklin Plant of SFP as Joint Administrators on 18 December 2019.
Agents were instructed to undertake a marketing campaign and a valuation of the business. During this period, the Joint Administrators traded the business for 4 days. Following the passing of the deadline for offers, a sale of the business and assets was completed and the majority of employees have transferred to the purchasing business.
The Joint Administrators’ strategy ensured that the Company’s business and assets were exposed to the market as widely as possible whilst the business was maintained as a going concern despite the Company’s insolvency. They successfully completed a sale of the business and assets on a going concern basis and preserved the employment of seven employees.