Terminus 2 Limited (02290563): administration
- Status
- Administration ended
- Administration began
- 2011-04-15
- Administrators' firm
- FTI Consulting
- Formerly
- The British Printing Company Ltd; BPCC Ltd.; Bucksmere Limited
- Incorporated
- 1988-08-26
- Location
- London
- Industry
- 7415
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
M&C 1s a wholly owned subsidiary of BPC and in tum the Polestar Company Limited (“PCL”) (together with subsidiaries, the “Group”) PPL ts also a subsidiary of BPC. M&C was the holding company for Polestar UK Print Limited ("PUPL"), a leading publications printing company in the UK. A simplified group structure chart is included as Appendix B
A full explanation of the background to our appointment was given in our initial letter to creditors dated 20 Apnil 2011 but the key details of the process are outlined below
After a downturn in the UK pnnt industry the Group engaged Houlihan Lokey (Europe) Limited ("HL") to seek refinancing options or equity investors for the Group Following continuing detenoration of the financial performance of the Group,it became apparent that a refinancing or equity raise would be unachieveable Given an urgent funding need, HL was asked to seek an accelerated disposal of the Group (“the Process”), resulting in an offer to buy the business and assets of the Group being made by an affilate of Sun Capital Partners V Group LLC (“the Sun Offer’) This was the best offer recerved by the Group following an M&A process and provided the highest return to the creditors of the Group companies
Administrators' statement of proposals (2011-06-08) · Companies House register