FFS Realisations 2012 Limited (01718876): administration
- Status
- Administration ended
- Administration began
- 2012-09-21
- Administrators
- Nicholas Guy Edwards, William Kenneth Dawson, Paul James Meadows
- Administrators' firm
- Deloitte
- Formerly
- First4Skills Limited; Protocol Skills Limited; Spring General Services Limited; Spring General Services PLC; The Link Organisation PLC; Link Organisation (Holdings) Limited(The)
- Incorporated
- 1983-04-27
- Location
- Birmingham
- Industry
- 85410 Post-secondary non-tertiary education
From the administrators' statement
Deloitte was first engaged by FFSR and the Bank on 28 July 2011 to undertake an independent business review This work was performed by the Restructunng Services team of Deloitte (“Deloitte RS”)
Subsequent to receiving the report from Detoitte RS in late August 2011, and given the level of secured debt to which FFSR was exposed (c £23m) and the detenoraton in its trading performance, on 11 October 2011 the Company's ultimate parent, Aldford Holdings Limited, and the Bank engaged the Corporate Finance Advisory team of Deloitte (“Deloitte CFA”) to explore disposal options and execute a share sale should a suitable offer be received
During the first half of 2012, whilst the sale process was ongoing, FFSR expenenced a further dip in its current and forecast trading performance, and whilst the business remained profitable at an EBITDA (earnings before interest tax, depreciation and amortisation) level, its cash position was deteriorating Ths reducing cash position was despite the Bank warving Its twice yearly capital repayments of £467k from September 2011
Administrators' statement of proposals (2012-11-07) · Companies House register