In 2002 the company was formed and immediately started trading as a wholesale distributor of consumer electronic products to the home/ video markets via national retailers such as Dixons. The Company later moved into the car accessory and in car entertainment markets via e commerce and direct retail such as Amazon and major car manufacturing group.
The company had a rapid increase in growth, resulting in some pressure on financial resources. The company also was reliant upon two major suppliers, causing supply problems and product shortages. As well as this currency fluctuations had an adverse impact on gross margins. Before such time, the company’s previous years annual turnover was circa £2 million.
Beer & Young were instructed by the business to carry out a CVA on behalf of the company. This was completed and was successfully approved with an estimated dividend of 48 pence in the pound over 5 years.