Uddingston Properties Limited (00956677): administration
- Status
- Administration ended
- Administration began
- 2013-09-06
- Administrators
- Brian Green, Paul Andrew Flint
- Administrators' firm
- KPMG
- Formerly
- BCS Waste Oils Limited; Braybrooke Chemical Services Limited
- Incorporated
- 1969-06-23
- Location
- Manchester
- Industry
- 68320 Management of real estate on a fee or contract basis
Why it went into administration
- Funding withdrawn / unable to refinance
- Weak consumer demand
- Cash flow / liquidity pressure
- Sustained trading losses
- Parent or group failure
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 oll prices In addition, a lack of bulk feedstock oil in the market ied to OSS Group Limited struggling to meet customer demand These factors contributed towards a prolonged downturn In trading performance, and monthly trading tosses 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 tts overdraft facility by 30 August 2013 unless further funding could be secured Despite attempts by the Directors to secure such funding, an agreement could not be teached
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 (2013-11-04) · Companies House register