From the administrators' statement

The Company began experiencing a decline in trading performance in 2019, which was attributed to cash flow difficulties within the broader Group. As detailed on page 6, four Group companies were placed into administration in September and October 2019. This put further pressure on the Company as intercompany loan balances due from the companies were not recoverable.

Steps taken to remedy/turnaround

Unfortunately, the Company was unable to sustain its level of indebtedness after consulting with Lloyds Bank PLC (“the Secured Creditor”). The Company had also been receiving restructuring advice from KPMG LLP and the Company’s lawyers Squire Patton Boggs during the course of 2019. The directors approached Deloitte in September 2019 to discuss placing the Company into administration.

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Marcus Worthington Properties Limited (02348529)

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