CML 2011 Limited (01904426): administration
- Status
- Administration ended
- Administration began
- 2011-08-04
- Administrators
- Jane Bronwen Moriarty, Allan Watson Graham
- Administrators' firm
- KPMG
- Formerly
- County Mulch Limited; Jardine Industries Limited; Clean Heat Limited
- Incorporated
- 1985-04-12
- Location
- Reading
- Industry
- 3663
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
KPMG was first approached and engaged by the Group in November 2010 to provide a valuation of the business In March 2011, KPMG was engaged by the Group to undertake a focused solvent sale process for the shares of the Group, and by the Bank to consider its allernate contingency options The directors of the Group and KPMG contacted 10 potentially interested trade buyeis at this time
By July 2011, no viable interest had been shown by the trade buyers Due to continued trade losses and significant cash pressure, 11 was agreed with the Company, its Director and the Bank that a sale of the business and assets immediately following the appointment of administrators was the best way to maximise returns to creditors
It was decided that a further short distressed sale process, encompassing a wide range of trade and private equity contacts, should be undertaken to ensure that the optimum value for creditors was being obiained Only two formal offers were elicited from this process
Administrators' statement of proposals (2011-10-03) · Companies House register