KEY House Project (02300872): administration
- Status
- Administration ended
- Administration began
- 2016-06-22
- Administrators' firm
- BDO
- Incorporated
- 1988-09-29
- Location
- 29 Wellington Street
- Industry
- 55900 Other accommodation
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 29 September 1988 becoming a registered charity on 25 January 1989 with the aim of providing accommodation and support to young people together with the provision of housing advice and assistance to vulnerable and homeless individuals in the Bradford and Keighley area. The Company’s operations included the management of a portfolio of properties in the Bradford and Keighley area on behalf of various landlords.
Over the years the Company expanded and began to provide additional support services to the local area and beyond A contract with the Legal Aid Agency (“LAA”) was secured to provide legal advice regarding housing law ‘This resulted in additional leasehold offices being opened in York, Bridlington and Scarborough. The Company also obtained registration with the Financial Conduct Authonty (“FCA”) enabling debt management advice to be provided to clients
In late 2014 the Company approached Yorkshire Bank (“the Bank”) regarding a funding requirement of £215,000, which was c£130,000 1n excess of its agreed overdraft facility of £85,000 The funding requirement was identified against a background of declining income and a reduction in the scope of services offered under contracts with the LAA
Administrators' statement of proposals (2016-08-11) · Companies House register