Valet Realisations Limited (02528613): administration
- Status
- Administration ended
- Administration began
- 2011-10-17
- Administrators
- Mark Granville Firmin, Howard Smith
- Administrators' firm
- KPMG
- Formerly
- Inter Clean Ltd; ALL Vehicle Valeting Limited
- Incorporated
- 1990-08-07
- Location
- Newcastle upon Tyne
- Industry
- 7470
From the administrators' statement
The Company was incorporated in August 1990 and commenced trading m Washington, Tyne and Wear, from that date The principal activity of the Company was as a suppher of valeting services to motor vehicle dealerships across the United Kingdom via a network of subcontractors
Following a partial management buy-out in April 2008, the Company suffered from turnover levels considerably below expectations and increasingly unsustainable levels of debt This resulted in the Company entering a Company Voluntary Arrangement (CVA) in March 2010 which was supervised by Eric Walls of KSA Group Ltd
In view of the losses being sustained by the business throughout 2010 and into 2011, the directors explored various sources of additional funding for the Company In light of the difficulty in finding a source of funding KPMG LLP were engaged to assist the Directors in the marketing of the business
Administrators' statement of proposals (2011-12-15) · Companies House register