PR Realisations (2013) Limited (00990348): administration
- Status
- Administration ended
- Administration began
- 2013-12-16
- Administrators' firm
- BDO
- Formerly
- Penistone Reinforcements Limited
- Incorporated
- 1970-09-28
- Location
- Liverpool
- Industry
- 24340 Cold drawing of wire
Why it went into administration
- Funding withdrawn / unable to refinance
- Credit insurance / supplier credit withdrawn
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company manufactures wire products and was incorporated on 28 September 1970. It operates from two leasehold properties one of which 1s situated on land owned by the Mr C Ward. Both properties are located in Penistone. The Company has approximately 62 employees.
HSBC Invoice Finance (UK) Limited (“HIF”) provided invoice discounting facilities to the Company. At the date of the Administration HIF were owed £1.1m, which was supported by debts of £2.2m estimated to realise £1.5m in a forced sale scenano
In addition, HSBC Bank Ple (“HSBC”) provided current account facilities, with an agreed overdraft of £435k, which is fully utilised, and term loans totalling approximately £600k. HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd are owed approximately £115k in relation to asset finance agreements
Administrators' statement of proposals (2014-01-17) · Companies House register