RAP Spiderweb Limited (00675531): administration
- Status
- Administration ended
- Administration began
- 2023-05-02
- Administrators
- Richard Cole, Steve Kenny
- Administrators' firm
- KBL Advisory
- Formerly
- Commercial Centre Limited(The)
- Incorporated
- 1960-11-18
- Location
- Sale
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The directors approached KBL Advisory Limited in March 2023. A meeting took place on 28 March 2023, at which a review of the Company’s financial position was carried out and it was established that the Company had limited working capital to continue to trade. The secured creditor, White Oak No.6 Limited (“White Oak”) provided funding for critical payments throughout April 2023 to enable the Company to work out existing orders without worsening the position of any creditor.
Options were considered by the directors and it was concluded that a wind down administration was considered to be the preferred course of action and the directors proceeded to formally engage KBL Advisory Limited to assist with this process on 26 April 2023.
On 27 April 2023, a Notice of Intention to Appoint Administrators was sworn by the directors. This document was filed in the High Court of Justice Business and Property Courts of Manchester, and served on White Oak who are a qualifying floating charge holder.
Administrators' statement of proposals (2023-06-28) · Companies House register