Holiways Limited (01152941): administration
- Status
- Administration ended
- Administration began
- 2012-08-07
- Administrators
- Mark Granville Firmin, Howard Smith
- Administrators' firm
- KPMG
- Incorporated
- 1973-12-20
- Location
- Newcastle upon Tyne
- Industry
- 45111 Sale of new cars and light motor vehicles
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 20 December 1973 and operated a Ford motor vehicle franchise from four sites in the North East of England In March 1994, JH Limited, a company at that time controlled by John Hardy, purchased 80% of the Company’s ordinary share capital The remaining 20% of the share capital of the Company was owned directly by John Hardy John Hardy was also a director of the Company at the date JH Limited purchased the shares and his son Matthew Hardy was subsequently appointed as a Director of the Company in 1995
In March 2010 John Hardy retired from the Company, resigning his directorship and agreeing a Sale of his 20% shareholding to the Company. As a result, the Company became 100% owned by JH Limited John Hardy’s shareholding in JH Limited was transferred to Matthew Hardy resulting in Matthew Hardy having ultimate control of the Group
The Company had a secured loan and overdraft with Barclays Additionally the Company had finance agreements in place with FCE and Black Horse to fund the purchase of new and used vehicles The finance agreements were secured on the vehicles on an individual basis
Administrators' statement of proposals (2012-10-09) · Companies House register