Perspective Signs Limited (02067815): administration
- Status
- Administration ended
- Administration began
- 2017-05-03
- Administrators' firm
- Partnership Invoice Finance
- Formerly
- Pretty Thirty Nine Limited
- Incorporated
- 1986-10-27
- Location
- Uxbridge
- Industry
- 22210 Manufacture of plastic plates, sheets, tubes and profiles
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
From the administrators' statement
An initial assessment of the Company’s business and asset position was carried out by Peter Davies & Sons (“PDS”) on 3 Aprif 2017, which established that the Company’s core business was saleable. Additionally, it was recognised that the Company's tangible assets, which were largely comprised of plant and machinery specific to the business would achieve a much higher value if sold in-situ. Further, the Company had work in progress, including some significant contracts, which would not have any realisable value if the business were liquidated.
The Company's management also expressed an interest in purchasing the business. As such, it was considered that a “pre-pack” sale would be a possible solution, however to comply with the marketing requirement prior to acceptance of a “pre-pack” offer, the business was marketed on IP-BID, an online platform aimed at investors, and designed as a marketplace for distressed businesses and assets. Several responses were received however, despite an initial promising enquiry, no interested purchaser was found.
in anticipation of the appointment of Administrators, PIFL filed a Notice of Intention to Appoint an Administrator on 7 April 2017 creating a moratorium in order to protect the asset base of the Company. This enabled a period of negotiation with all potential purchasers to continue, however due to the intervention of the Easter bank holiday and May bank holiday, and the protracted nature of the negotiations, a further 2 notices of intention to appoint were filed by PIFL.
Administrators' statement of proposals (2017-06-27) · Companies House register