Furniture and accessories importer and wholesaler Geko Products owed creditors almost £200,000 ahead of entering administration.

Colin Wilson and Allister Manson, both of Opus Restructuring LLP, were appointed as joint administrators on 3 March 2025.

Detailed in newly filed documents on Companies House, the report stated how the company was losing sales ahead of its collapse, alongside cash-flow issues, supplier issues and landlord problems.

Furthermore, the company was pressured by a creditor that presented a ‘judgement in default’ as the business had failed to respond to the proceedings issued.

Following a review, the company was placed into administration with a pre-pack sale of its assets achieved on the same date.

The business assets were sold to Teal International for a sum of £58,000, significantly lower than a previous valuation of £143,000.

“The sale price achieved for the business and assets was less than the valuation, which is largely attributable to the level of interest received in the business,” the report said.

As for creditors, preferential creditor, the HMRC is owed £21,000, while unsecured creditors are owed a sum of £172,000. It is expected creditors will suffer a shortfall of £124,000.

Upon appointment and completion of the prepack sale, a statement from administrators said: “Geko Products entered administration on 3 March 2025. Upon appointment, Opus completed a pre-packaged sale of the Company’s business and assets to Teal International, ensuring continuity for customers and suppliers.

“This transaction preserved one employee’s role that would have otherwise been lost and secured ongoing supplier arrangements, positively impacting creditors as a whole. Additionally, the continued occupation of the company’s trading premises has provided further stability.

“This outcome represents the best possible result in challenging circumstances, safeguarding value for creditors and ensuring continuity for stakeholders.”