It has been confirmed that there is another industry casualty today as newly updated records on Companies House show that Crystal Clear Group Limited has also gone into administration.
This follows the confirmation that The CMS Group in Scotland has also entered into administration.
Crystal Clear Group Limited in admin
I did receive knowledge of this prior to the updates on Companies House, but now the records have been updated, it can now be confirmed that the business has gone into administration:
Accounts for the business show it made a steep loss in 2020 after a profitable 2019, with the pandemic and lockdowns explained as the cause. There has been no statement issued on the company website.
Whether the business will continue in another form by way of pre-pack administration or something else is not yet known. It follows in the wake of The CMS Group in Scotland also falling into administration. The COVID regulations in Scotland were a lot tougher than in England and would go some way toward explaining some of the difficulties in the business.
The next few months are going to be potentially turbulent. We know that the slowdown has begun, there have been enough articles from companies within the supply chain warning us of that. The number of casualties because of the slowdown will be dependent on how businesses have managed their money. Many increased their revenues massively in the last two years thanks to the bounce-back that exploded after the end of the first lockdown. The crucial part of all of this is if that extra revenue was profitable. If it was, you would hope that many saved a chunk and reinvested the rest into the business. If that revenue was not profitable, then I can see a great many problems on the horizon.
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