Radford Chancellor has expressed his regret at having to close down his catering consultancy after cash flow issues meant the business could no longer carry on trading.
Radford Chancellor Ltd ceased trading last Thursday after 10 years in business, during which time it has carried out foodservice consultancy and design projects all around the world.
Mr Chancellor said that while trading conditions had not been easy during the latter months of 2019, it was the failure of some key contracts to materialise in the way it had hoped that ultimately proved fatal to the business.
“We had to end a loss-making contract with an overseas company which meant considerable staff and debt restructuring,” he explained.
“We very much hoped to recover and keep trading with a smaller set-up. But soon after this another overseas company cancelled a contract without any notice. Subsequently, they have withheld payment of moneys due to us.”
Mr Chancellor said it had become difficult to ride out the contract losses after market conditions worsened at the back end of 2019.
“Like many others, we experienced a slowdown in business in November and December, largely thanks to the delays and uncertainty over Brexit. Our cash flow has not been helped by some of our clients delaying payment as they, too, faced cash flow problems. It became clear that Radford Chancellor Ltd, in its present form, could no longer continue trading. So there was no alternative but to close the company completely.”
The Sussex-based firm offered a raft of services, including catering equipment safety and efficiency audits, competitive tendering and kitchen design.
Mr Chancellor said he wished to thank customers and partners for the support that the business had received during its 10 years of operation.