TC Bathrooms has finally entered into administration following denials by the Managing Director that the business was in trouble.
Ernst and Young are the administrators for the company which includes distribution arm TC bathrooms, Ossett-based showroom business Victorian Bathrooms and retail network bathrooms4all. The majority of these stores are in London and the M25 corridor. 8 of the 17 Stores have been shut down.
Joint administrator, Hunter Kelly added: "The company's trading performance has been impacted by the economic downturn and the contraction of the new housing and refurbishment markets. In addition, whilst the business remains profitable, it has been unable to service the debt taken on to fund its recent considerable expansion."
So this sounds like it was the their bank that put it into administration. As a secured lender they have the power to appoint administrators.