# Marcus Worthington Properties Limited (02348529)

> Why UK company 02348529 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02348529

- **Status:** Administration ended
- **Administration began:** 2019-10-30
- **Administrators' firm:** Deloitte
- **Formerly:** Manclose Limited
- **Incorporated:** 1989-02-15
- **Location:** Birmingham
- **Industry:** 68100 Buying and selling of own real estate

## Why it went into administration

- Cash flow / liquidity pressure
- Sustained trading losses
- Parent or group failure

## 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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02348529/filing-history/MzI1Mzk4Njc1NmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02348529

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.