Richard Keenan (UK) Limited (02339739): administration
- Status
- Administration ended
- Administration began
- 2016-04-12
- Administrators
- Wendy Mcveigh, Stuart Irwin
- Administrators' firm
- KPMG
- Formerly
- Listnor Limited
- Incorporated
- 1989-01-26
- Location
- Liverpool
- Industry
- 46140 Agents involved in the sale of machinery, industrial equipment, ships and aircraft
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Company sold engineering products for the agricultural sector manufactured by Richard Keenan & Co Limited (a subsidiary of the Company's parent, incorporated in Ireland) (“the Group”) The Company employed 12 staff at the date of the Joint Administrators’ appointment
The directors of the Group actively sought equity funding for the business from the start of 2014 by engaging Investec Corporate Finance, by July 2015 no funding had been secured At the end of August 2015 the Bank provided the Group with an invoice discounting facility of £500,000 to assist with the ongoing trading Cash flow pressures throughout 2015 were eased by funding from directors and senior management while equity funding was still being sought as there were a number of partres who continued to show interest
By the end of March 2016 the final interested party had withdrawn from the process Following this, the directors sought advice from the Group’s Auditors, Grant Thornton, as the Group did not have the funds to pay the March 2016 monthly salaries and were unable to source the funds required to pay the salaries The Directors subsequently approached KPMG to place the Company in Administration
Administrators' statement of proposals (2016-05-25) · Companies House register