00735317 Limited (00735317): administration
- Status
- Administration ended
- Administration began
- 2011-10-05
- Administrators' firm
- KPMG
- Incorporated
- 1962-09-13
- Location
- London
- Industry
- 4521
Why it went into administration
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 13 September 1962 and its primary activity has been construction work for high net worth individuals and corporate entities in the south east of England The Company was one of two trading entities within the HWA Group The HWA Group was acquired in February 2011 by Privet, a special purpose vehicle (“SPV”) owned by a number of investors but managed by Privet Capital LLP Privet also took an assignment of secured debt from LTSB at the time of acquisition
The Company’s cash flow was severely affected by downturn in economic conditions and the subsequent poor margins being achieved on contracts In late September 2011, the Directors were faced with mounting creditor pressure, including a winding-up petition from HM Customs and Revenue for unpaid taxes, and the September salaries were falling due, none of which HWA could fund
HWA was marketed for sale by Privet during September 2011 It is understood that discussions were held with six potential purchasers, being competitors and parties who had previously expressed an interest in acquiring the business All parties eventually withdrew from the process
Administrators' statement of proposals (2011-11-30) · Companies House register