MGR appointed administrators to Vitality
Toiletries wholesaler Vitality placed in administration after possible cash flow problems
Accountancy firm MCR has been appointed administrators to Vitality group,
the wholesaler of toiletries, after the company appeared to be suffering cash
flow problems.
The company, which is based in Tottenham Hale and distributes products such
as Radox, Colgate, Domestos and Gillette, appointed Andrew Stoneman and Jason
Godfrey as joint administrators in the hopes of selling the business as a going
concern.
The insolvency practitioners at this stage are said to be unsure as to why
the company was placed in administration.
Stoneman, partner at MCR said: It is too early to determine the reasons why
the company has gone into administration and we are concentrating on saving the
business and selling the company as a going concern.’
‘What is certain at this stage is that the company suffered cash flow
difficulties and we are reviewing the underlying reasons’ he added.
Vitality employs 55 people and has been in business for 25 years and sells
wholesale to pharmacies, drugstores and cash and carry’s.
Further reading:
Value of companies in administration hits £8bn
