Penrith fire protection firm collapses with £311,000 debts
Summarised from 3 outlets · Updated 4 Nov, 07:43 · Archive
Optimum Fire & Interiors, based in Penrith, has collapsed owing £311,000 after losing key clients that entered administration.
Optimum Fire & Interiors Ltd, based at Eden Business Park in Penrith, entered creditors' voluntary liquidation in October after almost 12 years in business. The company collapsed owing £310,887, with no assets expected to be realised.
Documents filed at Companies House show debts totalling £310,887, with the largest being £245,184 owed to HM Revenue and Customs in relation to PAYE. Other creditors include Santander UK, owed £39,141, and ABN AMRO, owed £9,487. Seven creditors are listed in the company's statement of affairs, dated 28 September.
The company was directed by Carol Anne Jones and Jason Clive Jones. According to Parker Walsh, the insolvency firm handling the liquidation, the closure followed the loss of a number of key clients who had themselves entered into administration. The loss of this business had a significant adverse impact on the company's financial position, resulting in substantial financial losses and a reduction in anticipated income and future work pipeline.
The firm subsequently struggled to replace the lost contracts. As a consequence, the company experienced increasing difficulties in securing replacement contracts and generating sufficient revenue to sustain its ongoing trading activities. This placed considerable pressure on the company's cash flow and its ability to meet financial obligations as they fell due.
With outstanding debts and liabilities continuing to accrue and insufficient work being secured to restore the company's financial position, the business was ultimately unable to continue trading.
How it is being reported
- UK fire protection firm collapses owing £311,000 after key clients go bustUK business Optimum Fire & Interiors has collapsed owing £311,000 after losing key clients who had themselves entered administration.Westmorland Gazette · 4 Nov, 07:16
- UK fire protection firm collapses owing £311,000 after key clients go bustUK business Optimum Fire & Interiors has collapsed owing £311,000 after losing key clients who had themselves entered administration.NW Evening Mail · 4 Nov, 07:16
- Fire protection firm collapses owing £311,000 after key clients go bustPenrith-based Optimum Fire & Interiors has collapsed owing £311,000 after losing key clients who had themselves entered administration.News & Star · 4 Nov, 05:00
In this story: Optimum Fire & Interiors Ltd · Penrith · HM Revenue and Customs · Santander UK · ABN AMRO · Parker Walsh · Carol Anne Jones · Jason Clive Jones
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