Fri, 17 Feb 2012 | ADMINISTRATION
Update: Go Creative Products Ltd is now trading as Go Creative (UK)
Original article:
A top designer and importer of home décor products, Go Creative Products Ltd, has filed for administration, after suffering an insurmountable downturn in trade.
The company, which is based at headquarters in Burbage, Leicestershire, has been placed under the control of administrators from the nationwide insolvency practitioners SFP, after its financial difficulties saw its debts mount to a value of around £800,000.
Prior to its financial difficulties the company had a healthy annual turnover of around £6 million and employed 13 people at its Leicestershire base. Daniel and Simon Plant from SFP were both called in as joint administrators by the company’s directors on February 10, 2012.
Simon Plant, a group partner with the firm, said that Go Creative had suffered particular difficulties from a downturn in business at one of its major customers, which resulted in a significant drop in the number of orders coming in.
“Despite working with a number of significant customers Go Creative Products Limited had cash-flow issues which it was unable overcome,” Mr Plant explained. “The company is currently trading to maintain goodwill and we are in discussions with an interested party for the sale of the business and assets.”
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