PowerProGolf, Golf Trolley retailers go into administration
The electric golf trolley company, trading as PowerProGolf have gone into administration leaving thousands of customers without support
. PowerProGolf is the trading name for Cool Trading, a company that started in 2005 initially in airconditioning, later importing golf trolleys from the far east. Although initially successful, the quality of the products lead to large support costs and falling margins.Corporate insolvencies were down 4.7 per cent compared to the previous quarter with 4,716 compulsory liquidations, reports the Insolvency Service.
However, the number of companies going into liquidation in thesecond quarter of 2010 was 14.6 per cent higher than in the same period in 2009.
The head of business consultancy, said that low interest rates, the reduced rate of VAT at 15%, low inflation and the Inland Revenues "Time to Pay Scheme" have allowed some firms a bit of breathing space, but there is a feeling that these initiatives are simply delaying inevitable failure. Once these are withdrawn, there may well be a flurry of failures.
The total number of business failures so far in 2010 is up by 28.8 per cent over 2008. The firm expects some 5,000 more businesses will go into liquidation or administration during November and December.
PowerProGolf are not the only compamy to experience this, In 1983, the PowaKaddy Classic was launchedfrom a small factory in sittingbourne. The company has changed hands several times in its history. Catford sold the company to Iranian born Farzad Rastagar in circa 1990. Around ten years later, Rastagar changed hands following a management buyoutby John DeGraft Johnson, David Wells and Mike Snapes. In 2004, Fergus O'Rafferty and Rossa McDermot, backed by Graphite capital, bought PowaKaddy. After a difficult two and a half years caused by the failing P5 product, Powakaddy went into administration in November 2006, since when it has been run by Barclays Ventures.
PowerProGolf, Golf Trolley retailers go into administration
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