Greenway Orcol Limited (00548771): administration
- Status
- Administration ended
- Administration began
- 2013-09-06
- Administrators' firm
- KPMG
- Formerly
- Orcol Fuels Limited; OIL Recoveries Limited; OIL Recoveries Company Limited
- Incorporated
- 1955-05-06
- Location
- Manchester
- Industry
- 19209 Other treatment of petroleum products (excluding petrochemicals manufacture)
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Weak consumer demand
- Cash flow / liquidity pressure
From the administrators' statement
Prior to the Joint Administrators’ appointment, OSS Group Limited suffered from reduced demand from higher margin customers and an adverse movement in oil prices in addition, a lack of bulk feedstock oll in the market led to OSS Group Limited struggling to meet customer demand These factors contributed towards a prolonged downturn in trading performance, and monthly trading losses were Incurred from May 2013 onwards
This trading underperformance placed significant cash pressure on OSS Group Limited and resulted In it being forecast to breach its overdraft facthty by 30 August 2013 unless further funding could be secured Despite attempts by the Directors to secure such funding, an agreement could not be reached
The Directors of OSS Group Limited concluded that a disposal of the business was required and engaged KPMG to assist in seeking a buyer for OSS Group Limited and the wider OSS Group
Administrators' statement of proposals (2013-10-15) · Companies House register