Leicester-based furnishing business Perkins Stockwell & Co Ltd owes creditors almost £300,000 after entering administration.

Neil Money and Steven Glanvill, both of CBA Business Solutions, were appointed as joint administrators of Perkins Stockwell & Co, Limited on 30 May 2024.

Detailed in a newly filed report on Companies House, the business, which was established back in 1805, suffered financially following a slow upturn after the Covid-19 pandemic, coupled with increased costs and the cost-of-living crisis.

This resulted in an accumulation of arrears to the HMRC, which began to take action against the company to take control of goods during May 2024.

In its most recent set of accounts for the year ended 31 December 2022, sales stood at £254,000, while losses amounted to £26,000.

Upon entering administration, the company ceased to trade and all employees were made redundant. Interest from an unconnected, unnamed, party to acquire the business’ tangible assets followed, with a sale completing on 10 June 2024, representing a value of £16,000 (plus VAT).

As for creditors, preferential creditor, the HMRC is owed £115,000, while unsecured creditors are owed £172,000, which included a director’s loan of £97,000 and a further £50,000 owed to employees. It is expected that creditors will suffer a shortfall of £280,000.