COX & Kings (UK) Limited (00316651): administration
- Status
- Administration ended
- Administration began
- 2019-11-25
- Administrators' firm
- KPMG
- Formerly
- COX & Kings Limited; COX & Kings (Holdings) Limited
- Incorporated
- 1936-07-20
- Location
- London
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Rising costs / inflation
From the administrators' statement
The Group had been recording profits from its trading. However, in July 2019, the Parent in India experienced trading difficulties resulting in public announcements on the Indian Stock Exchange and was subsequently placed into Liquidation on 20 November 2019. This whole situation had an adverse effect within the group and resulted in increased costs and failures of subsidiaries within the group, and in particular of CKTL, all of which attracted very public international press coverage.
Although the Company was not trading, it had significant inter-company debts and guarantees for various Group liabilities to third parties, which it was unable to pay.
Following the Group’s well publicised financial problems during 2019, Cox & Kings Travel Limited (“CKTL”), (which was the UK trading entity for the Group) and its bank, the State Bank of India approached KPMG LLP in October 2019 to review its affairs and subsequently commenced marketing the Cox & Kings UK operations for sale, which included the Trademarks owned by the Company.
Administrators' statement of proposals (2020-01-21) · Companies House register