At the end of the 1955 financial year, Messenger’s reported that the Arora Company had an accumulated trading loss of almost £9,000. Arora’s bank account for the eleven months from the beginning of October 1954 highlights the problem that Messenger’s was facing. They were in the red to tune of over £7,000 in October and November. The position improved slightly in December, when helped by five cheques of over £200, the overdraft was reduced to under £7,000. Messenger’s obviously decided that something drastic had to be done and made the decision to sell the Arora company, including the site, buildings and machinery to Electroway Heater Ltd. On 14th February, the overdraft was reduced to under £6,000 with the help of a payment for £1,560 from Electroway Heater Ltd. By the end of February, it had been further reduced to under £5,000.
The land conveyance between Messenger’s was duly signed on 25th March, following which Electroway Heater Ltd., made a further payment, of £13,914 2s. 6d.; resulting in Arora moving into credit with a balance of more than £9,000. Over the next few months, it appears that the firm was still essentially being managed by Messenger’s with Arora’s bank balance increasing slightly, to a little over £10,000, On August 9th, Messenger’s transferred £10,000 from the Arora account into their own general account and with it the ending of an era.
- Leicestershire, Leicester and Rutland Record Office ref: DE2121/297. ↑