Carrington Carr Home Finance Limited (02105488): administration
- Status
- Administration ended
- Administration began
- 2012-03-20
- Administrators' firm
- Deloitte
- Formerly
- AWD Home Finance Limited; Carrington Carr Limited; Carrington Carr (Holdings) Limited; Carrington Carr Limited; Carrington Carr Financial Services Limited
- Incorporated
- 1987-03-03
- Location
- Birmingham
- Industry
- 6523
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was acquired in December 2008 through a management buy-out, in a year that it recorded a pre-tax loss of £6 5m Since then, over the period 2009 to 2011, the Company recorded cumulative pre tax losses of c £11m
These significant losses were driven by two key factors, the austere conditions in the remortgage market that have remained since the Credit Crunch that started in August 2007 and the severe financial impact to the business from the retrospective legislation over Payment Protection Insurance (PPI)
The Credit Crunch significantly changed the shape of the remortgage market since 2007 Whilst the business went through a number of reorganisation and rationalisation programs since then, to try and counter the impact of this, ultimately these adverse market conditions have prevailed to date
Administrators' statement of proposals (2012-05-02) · Companies House register